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| Title: | 國際重要ESG評級與台灣永續金融評鑑之比較
Comparison of Major International ESG Ratings and Taiwan’s Sustainable Finance Evaluations |
| Authors: | 范雅婷
FAN, YA-TING |
| Contributors: | 吳中書
江彌修
Wu, Chung-Shu
Chiang, Derek M. H.
范雅婷
FAN,YA-TING |
| Keywords: | ESG評級
台灣永續金融評鑑
ESG評鑑機構
ESG評級分歧
數據透明性
金融產業永續發展
漂綠風險
ESG Ratings
Taiwan Sustainable Finance Evaluations
ESG Rating Agencies
ESG Rating Divergence
Data Transparency
Financial Industry Sustainability
Greenwashing Risks |
| Date: | 2024 |
| Issue Date: | 2025-02-04 15:40:03 (UTC+8) |
| Abstract: | ESG 評級已成為資本市場的重要驅動力，但由於評級機構間缺乏
統一的標準與方法，導致評級結果不一致，不僅增加了企業漂綠風險，
也對投資決策帶來挑戰。本研究聚焦於國際主要 ESG 評級機構，包括
CDP、S&P Global、Sustainalytics、MSCI ESG 和 ISS ESG，深入分析其在設計理念、權重配置及數據處理上的差異，並比較這些機構對金融產
業的指標與權重分布。同時，檢視台灣永續金融評鑑在指標設計與權重
配置方面的現狀與可能改進空間。
本研究採用質性分析方法，結合文獻回顧，對各評級機構的架構設
計、指標設計及權重分配進行比較分析。結果顯示，各機構在評級方法
與重點上各具特色：CDP 專注於環境揭露，特別聚焦碳排放、水資源和
森林議題；S&P Global 結合財務與非財務指標，透過企業問卷進行多層
次綜合分析；Sustainalytics 採用風險導向框架，聚焦揭露企業 ESG 風
險並監控爭議事件；MSCI 在 ESG 各面向涵蓋範圍最廣，並根據產業
特性進行細緻的權重分配，確保評級在產業間的一致性；ISS ESG 則依
據國際規範與可持續性標準進行評估，特別將評估對象擴展至中小企業。
研究發現，台灣的永續金融評鑑逐步與國際標準接軌，涵蓋對環境、
社會與治理（ESG）因子的綜合評估。然而，其在數據透明度、即時性
更新及第三方驗證機制方面仍有改進空間，需進一步提升評級結果的可
靠性與國際認可度。
面對國際評級結果分歧的現象，台灣金融機構應深入理解國際評級機構的核心要點，提升公司治理與 ESG 資訊揭露的透明度，並建立集
中化的數據庫以提高國際競爭力。同時，企業需加強內部 ESG 治理結
構與資訊揭露質量，確保評級結果能真實反映其永續績效。這些措施不
僅有助於降低漂綠風險，也能為企業創造中長期競爭優勢，進一步增強
其在全球市場中的地位。
ESG ratings have become a critical driving force in capital markets. However, the lack of unified standards and methodologies among rating agencies has led to inconsistent results, increasing greenwashing risks and complicating investment decisions. This study focuses on major
international ESG rating agencies, including CDP, S&P Global, Sustainalytics, MSCI ESG, and ISS ESG, analyzing their differences in design philosophy, weight allocation, and data processing. It compares these agencies'indicators and weight distributions for the
financial industry while examining Taiwan’s Sustainable Finance Evaluations for potential improvements.
Using qualitative analysis and a literature review, this study compares framework design, indicator selection, and weight allocation across agencies. The findings reveal distinct traits: CDP emphasizes environmental disclosures
like carbon emissions and water resources. S&P Global integrates financial and non-financial metrics through corporate questionnaires. Sustainalytics adopts a risk-oriented framework, highlighting ESG risks and monitoring
controversies. MSCI covers the broadest ESG range with refined industry specific weight adjustments for rating consistency. ISS ESG evaluates using international standards and includes small and medium-sized enterprises (SMEs). Taiwan’s Sustainable Finance Evaluations have aligned with international standards, environmental, social, providing comprehensive assessments of and governance (ESG) factors. However, improvements in data transparency, real-time updates, and third-party verification mechanisms are needed to enhance reliability and global recognition. To address ESG rating divergence, Taiwan’s financial institutions must understand global agencies' key elements, improve governance, and enhance ESG disclosure transparency. Centralized databases will further bolster competitiveness. Enterprises should strengthen internal ESG governance and ensure disclosures reflect sustainability performance. These
actions will mitigate greenwashing risks, create competitive advantages, and enhance global market positioning. |
| Reference: | 參考文獻
一、中文部分
書籍
王凱，鄒洋 (2021)。國內外ESG評價與評級比較研究。北京 : 經濟管理出版社。
孫忠娟、羅伊、馬文良、梁晗、孫為政 (2021)。ESG揭露標準體系研究。北京 : 經濟管理出版社。
期刊論文
1.王嘉緯（2024）。永續金融評鑑之源起、內涵及展望。政治大學國際金融學院課程講義，台北市。
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網際網路
1.CICC中金公司，ESG投資系列（3）：ESG評級「存異」但難「求同」，上網日期2021年9月8日，檢自：https://research.cicc.com/frontend/recommend/detail?id=2315
2.S&P Global，道瓊斯可持續發展指數－衡量及推進ESG實踐二十載，上網日期2019年，檢自：https://www.spglobal.com/spdji/tc/documents/additional-material/djsi-timeline-tc.pdf
3.工商時報名家廣場，借鏡他山，精益求精─淺談國際主要ESG評鑑，上網日期2024年3月25日，檢自：https://www.ctee.com.tw/news/20240325700092-439901
4.今周刊，對外資最有影響力的ISS首揭台灣ESG 30強企業，上網日期2020年9月16日，檢自：https://www.businesstoday.com.tw/article/category/80401/post/202009160037/
5.今周刊，ISS ESG評級：全面分析與中小企業的獨特納入，上網日期2020年9月23日，檢自：https://esg.businesstoday.com.tw/article/category/180689/post/202009230054
6.台灣金融研訓院，ESG永續金融評鑑平台，上網日期2024年3月25日，檢自：https://esg.tabf.org.tw/plan
7.永續金融評鑑資訊平台，評鑑簡介、公告訊息、評鑑說明與下載專區，上網日期2023年，檢自：https://esgtest.chainyi.com/
8.高士閔（2022）。商業週刊ESG評鑑有哪些、該參加哪個評比？4大機構評等的關鍵指標，上網日期2022年7月5日，檢自：https://www.managertoday.com.tw/topic/view/127/post/65391
二、英文部分
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3.Billio, M., Costola, M., Hristova, I., & Pelizzon, L. (2021). The inconsistency of ESG ratings: Implications for investors. European Financial Management Association Conference Paper.
4.Boffo, R., & Patalano, R. (2020). ESG investing: Practices, progress and challenges. OECD Publishing.
5.Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors, and strategy researchers. Strategic Management Journal, 33(12), 1597–1614.
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7.Cookson, J. A., & Niessner, M. (2020). Why don’t we agree? Evidence from a social network of investors. The Journal of Finance, 75(1), 173–228.
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網際網路
1.CDP. (2023). Scoring introduction 2023. Retrieved from https://www.cdp.net/en/guidance
2.CDP. (2023). Scoring category weightings: 2023. Retrieved from https://www.cdp.net/en/guidance
3.CDP. (2024). Corporate questionnaire and reporting guidance. Retrieved from https://www.cdp.net/en/guidance
4.CDP. (2024). Full corporate scoring introduction 2024. Retrieved from https://www.cdp.net/en/guidance
5.ISS ESG. (2023). ESG corporate rating methodology and research process, Version 1.0. Retrieved from https://www.issgovernance.com/esg/
6.ISS ESG. (2024). Frequently asked questions: The ESG corporate rating process – A guide for corporate issuers. Retrieved from https://www.issgovernance.com/esg/
7.MSCI. (2010). MSCI completes acquisition of RiskMetrics. Retrieved June 1, 2010, from https://ir.msci.com/news-releases/news-release-details/msci-completes-acquisition-riskmetrics
8.MSCI. (2022). What is an MSCI ESG Rating? Retrieved November 1, 2022, from https://www.msci.com/our-solutions/esg-investing/esg-ratings
9.MSCI. (2023). ESG methodology: Weight distribution by sectors. Retrieved from https://www.msci.com
10.MSCI ESG Research LLC. (2024). MSCI ESG Ratings methodology. Retrieved from https://www.msci.com/esg-and-climate-methodologies
11.MSCI. (2024). ESG Ratings key issue framework. Retrieved from https://www.msci.com/our-solutions/esg-investing/esg-ratings/esg-ratings-key-issue-framework
12.S&P Global. (2023). Weights overview: Corporate sustainability assessment. Retrieved from https://www.spglobal.com/ratings/en/
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17.Sustainalytics. (2020). ESG risk ratings methodology, Version 2.1. Retrieved from https://www.sustainalytics.com/esg-data#framework
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21.Sustainalytics. (2022). Our history. Retrieved November 2, 2022, from https://www.sustainalytics.com/about-us
22.Sustainability. (2023). Rate the raters 2023: ESG ratings at a crossroads. Retrieved from https://www.sustainability.com/insights/rate-the-raters-2023/ |
| Description: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1008 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1008 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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