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| Title: | 以財務績效之角度探討ESG評級之分歧性
Exploring Divergence in ESG Ratings-A Financial Performance Perspective |
| Authors: | 張郡升
Chang, Chun-Sheng |
| Contributors: | 徐愛恩
Tsui, Ai-En
張郡升
Chang, Chun-Sheng |
| Keywords: | ESG評級機構
分歧性
財務績效
負面事件
ESG rating agencies
Divergence
Financial performance
Negative events |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:07:58 (UTC+8) |
| Abstract: | 隨ESG議題興起，國際上具指標性之ESG評級機構已達數十間，然而礙於目前對ESG表現之衡量方法並無統一之標準，不同評級機構之ESG評分存在嚴重之分歧性。本研究挑選TEJ、S&P Global及Sustainalytcis三間評級機構作為研究對象，並以混合研究法探討三間評級機構之分歧性。
質性分析之部分，本研究分析三間評級機構之評分方法學差異，結果顯示三間評級機構所側重之要點、考量之關鍵議題、取得之資料來源、更新之頻率均有所不同。量化分析之部分，本研究先以評分者信度分析，探討三間機構之ESG評分分歧性。接著以迴歸分析，探討三間機構之ESG評分對財務績效之影響及是否能有效抵禦負面事件對財務績效造成之衝擊。評分者信度分析之結果顯示，ESG評級機構之評級結果確實存在分歧性，且未隨著時間經過而有收斂之趨勢。迴歸分析之結果顯示，TEJ、S&P Global及Sustainalytcis之ESG評分均對財務績效呈正向影響。此外當發生負面事件時，S&P Global之ESG評分能有效抵禦負面事件對財務績效造成之衝擊，而TEJ僅於受評公司之國際可見度較高且於公司規模、財務績效及ESG表現較出色之情況下，其ESG評分才能有效抵禦負面事件對財務績效造成之衝擊。
With the emergence of ESG issues, there are dozens of internationally renowned ESG rating agencies; however, due to the lack of unified standards for measuring ESG performance at present, there is significant divergence in ESG scores among different rating agencies. This study selects TEJ, S&P Global, and Sustainalytics as the research subjects and employs a mixed-methods research to explore the divergence among these three rating agencies.
In terms of qualitative analysis, this study examines the methodological differences in scoring among the three rating agencies. The results reveal differences in the emphasis, key issues considered, data sources utilized, and updating frequency among the three rating agencies. Regarding quantitative analysis, this study initially conducts an inter-rater reliability analysis to investigate the divergence in ESG scores among the three agencies. Subsequently, through regression analysis, it examines the impact of ESG scores from the three agencies on financial performance and whether they can effectively withstand the impact of negative events on financial performance. The results of the inter-rater reliability analysis indicate that there is indeed divergence in the ESG rating results among the rating agencies, and there is no trend of convergence over time. The results of the regression analysis show that the ESG scores from TEJ, S&P Global, and Sustainalytics all have a positive impact on financial performance. Additionally, when negative events occur, the ESG scores from S&P Global can effectively mitigate the impact of these events on financial performance. However, TEJ's ESG scores only effectively mitigate the impact of negative events on financial performance for companies with higher international visibility, and superior financial performance. |
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| Description: | 碩士
國立政治大學
會計學系
111353026 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111353026 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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