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    题名: 永續金融與影響力投資對台灣金融業財務績效的影響
    The Impacts of Sustainable Finance and Impact Investing on the Financial Performance of Taiwan's Financial Industry
    作者: 王彥傑
    Wang, Yan-Jie
    贡献者: 蔡政憲
    Tsai, Cheng-Hsien
    王彥傑
    Wang, Yan-Jie
    关键词: 永續金融
    影響力投資
    社會投資報酬率
    金融業
    財務績效
    Sustainable Finance
    Impact Investing
    Social Return on Investment
    Financial Industry
    Financial performance
    日期: 2024
    上传时间: 2025-02-04 15:41:17 (UTC+8)
    摘要: 本研究探討主要探討永續金融與影響力投資對台灣金融業財務績效的影響，部分學者認為 ESG 表現與企業績效無顯著關係，但亦有研究表明良好的 ESG 表現可創造競爭優勢並提升財務績效。本主題透過迴歸模型方式進行，永續金融部分採用 ESG 總分、ESG事件分數作為自變數；影響力投資部分則採用社會投資報酬率(SROI)、社會與人權分數為自變數，依變數財務績效則採用：資產報酬率 (ROA)、股東權益報酬率 (ROE)、每股盈餘 (EPS)、Tobin’s Q。研究結果顯示，永續金融與影響力投資對於財務績效指標中的每股盈餘有負的顯著影響；而對於其他財務績效指標：資產報酬率、股東權益報酬率、Tobin’s Q無顯著影響，在永續金融與影響力投資的浪潮下，確對部分財務績效有顯著影響。永續金融與影響力投資為未來趨勢，而多數企業在投入永續或影響力投資後亦不太在意財務績效的變化，係因世界永續遠比財務績效表現良好更重要，未來透過公私部門協力合作，方能創造更具有雙贏空間的發展策略。
    This study explores the impact of sustainable finance and impact investing on the financial performance of Taiwan's financial industry. Some scholars argue that ESG performance has no significant relationship with corporate performance, while other research suggests that strong ESG performance can create a competitive advantage and improve financial outcomes.The analysis employs a regression model, using ESG scores and ESG event scores as independent variables for the sustainable finance segment. For the impact investing segment, Social Return on Investment (SROI) and social and human rights scores are used as independent variables. Financial performance is assessed using Return on Assets (ROA), Return on Equity (ROE), Earnings Per Share (EPS), and Tobin's Q.The results indicate that sustainable finance and impact investing have a significant impact on Earnings Per Share (EPS) but no significant effect on other financial performance indicators such as ROA, ROE, and Tobin's Q. While sustainable finance and impact investing represent prevailing trends, they show notable impacts on certain financial performance metrics. Sustainable finance and impact investing are future trends. Most companies investing in sustainability or impact initiatives are less concerned with changes in financial performance, as global sustainability is deemed more critical than achieving superior financial results. Future development strategies with greater win-win potential can be achieved through collaboration between the public and private sectors.
    參考文獻: 英文部分
    1. Bilyay-Erdogan, S. and Öztürkkal, B. (2023), The Role of Environmental, Social, Governance (ESG) Practices and Ownership on Firm Performance in Emerging Markets, Emerging Markets Finance and Trade, 59(12), pp.3776-3797.
    2. Sachin, N. and Rajesh, R. (2022), An Empirical Study of Supply Chain Sustainability with Financial Performances of Indian Firms, Environment, Development and Sustainability, 24, pp.6577–6601.
    3. International Finance Corporation (IFC), (2016). Green Finance: A bottom-up approach to track existing flows, pp.1-47
    4. Islam, S. M. (2022). Impact Investing in Social Sector Organizations: A systematic review and research agenda. Accounting & Finance, 62(1), pp.709-737.
    5. Islam, S. M., & Rahman, A. (2023). Impact investment deal flow and Sustainable Development Goals: "Mind the gap?" Accounting & Finance, 63(4), pp.1-33.
    6. OECD, (2019). Social Impact Investment, pp.1-244.
    7. Yaşar, B. (2021). Impact investing: A review of the current state and opportunities for development. Istanbul Business Research, 50(1), pp.177-196.
    8. Nicholls, J., Lawlor, E., Neitzert, E. and Goodspeed, T. (2012). A Guide to Social Return on Investment. London: Office of the Third Sector, The Cabinet Office, pp. 8-10.
    9. Nicholls, J. (2017). Social Return on Investment—Development and Convergence, Evaluation and Program Planning 64, pp.127–135
    10. Bolis, M., West, C., Sahan, E., Nash, R. and Irani, I. (2017). Impact Investing: Who are we serving? A case of mismatch between supply and demand.
    11. Weber, O. (2013). Measuring the Impact of Socially Responsible Investing, Available at SSRN: 2217784
    12. Social Value UK, (2012). 《A Guide to Social Return on Investment》, pp.1-110
    13. Lin, B., Lee, Y. and Hung, S. (2006). R&D Intensity and Commercialization Orientation Effects on Financial Performance. Journal of Business Research, 59, pp.679-685.
    14. Sandner, P.G. and Block, J. (2011). The Market Value of R&D, Patents, and trademarks, Research Policy, Vol. 40, Issue 7, pp.969-985
    15. Alareeni, B. and Hamdan, A. (2020). ESG Impact on Performance of US S&P 500-listed firms, Corporate Governance 20(7), pp.1409-1428
    16. Xie, J., Nozawa, W., Yagi, M., Fujii, H. and Managi, S. (2018), Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment, 28(2), pp.286-300.
    17. Sachin, N. and Rajesh, R. (2022), An Empirical Study of Supply Chain Sustainability with Financial Performances of Indian Firms, Environment, Development and Sustainability, 24, pp.6577-6601.
    18. Bilyay-Erdogan, S. and Öztürkkal, B. (2023), The Role of Environmental, Social, Governance (ESG) Practices and Ownership on Firm Performance in Emerging Markets,”Emerging Markets Finance and Trade, 59(12), pp.3776-3797.
    19. Entrepreneur, (2020), More Funding Needed for Startups, AI to be Significant in the Future, Last view:2024/10/01, From: https://www.entrepreneur.com/en-in/news-and-trends/more-funding-needed-for-startups-ai-to-be-significant-in/483776
    20. Global Impact Investing Network (GIIN), (2024). Last view:2024/11/15, From: https://thegiin.org/
    21. Grameen Bank Website, (2024). Last view:2024/11/01, From: https://grameenbank.org.bd/
    22. Root Capital Website, (2024). Last view:2024/11/01, From: https://rootcapital.org/
    23. BlueOrchard Website, (2024). Last view:2024/11/01, From: https://www.blueorchard.com/
    24. Weina Z. et al (2022), Water Equity : Alternative Investment, Harvard Business Publishing, 2022
    25. Morriesen, K. A. (2018). Impact investing market map.
    26. Inderst, G., Kaminker, C., & Stewart, F. (2012). Defining and measuring green investments.
    27. the United Nations (UN), (2004). Who Cares Wins.
    28. GIIN, (2018). Impact Investing : A Guide to this dynamic market.
    29. the United Nations (UN), (2015). The 17 Goals, Last view:2024/12/01, From:
    https://sdgs.un.org/goals
    30. United Nations Environment Programme (UNEP), (2016). Definitions and Concepts Background Note, pp.11
    31. United Nations Environment Programme (UNEP), Green Financing, Last view:2024/12/01, From:https://www.unep.org/regions/asia-and-pacific/regional-initiatives/supporting-resource-efficiency/green-financing
    32. the United Nations (UN), (2024). Financing for Sustainable Development Report 2024
    33. the Global Impact Investing Network (GIIN), (2024). GIIN About Impact Investing.
    Last view:2024/12/01, From: https://thegiin.org
    34. European Union (EU), Eu Overview of sustainable finance, Last view:2024/12/01,From:https://finance.ec.europa.eu/sustainable-finance/overview-sustainable-finance_en
    35. International Monetary Fund (IMF), (2023). Green Finance, Last view:2024/12/01,From:https://www.imf.org/en/Topics/climate-change/green-finance
    36. The Rockefeller Foundation & J.P. Morgan., (2010). Impact Investments:An emerging asset class, pp.1-96
    期刊論文
    1. 李宜樺 、吳佳餘、朱恩言(2017)，公共服務影響評估工具－「社會投資報酬率（SROI）」介紹，《國土及公共治理季刊》 5卷1期，pp.30-41
    2. 李珍穎(2022)，淺談ESG趨勢下保險產業之永續發展，保險大道第84期，pp.43-52
    3. 吳宗昇&李俊達(2018)，政策的社會效益評估：SROI的應用與反思，國土及公共治理季刊，第六卷，第三期，pp.40-49。
    碩博士學位論文
    1. 林旻樺(2023)，私募股權影響力投資之社會報酬，國立政治大學財務管理學系碩士論文
    2. 林宣恩(2021)，社會投資報酬率與經營績效關聯性之研究，東海大學會計學系碩士論文
    3. 賴慧芳(2024)，金控業投入ESG之財務績效關聯性研究，國立中央大學產業經濟研究所碩士論文
    4. 吳雨學(2023)，論我國推動永續金融之趨勢與挑戰。國立台灣大學管理學院碩士在職專班國際企業管理組碩士論文
    網際網路
    1. 李宜樺(2023)，「綠色金融是什麼？看金融業如何推動ESG發展」，PWC，檢自：https://www.pwc.tw/zh/topics/trends/what-is-green-finance.html
    2. 產業價值鏈資訊平台(2024)，金融產業鏈簡介，檢自：https://ic.tpex.org.tw/introduce.php?ic=U000
    3. 金融監督管理委員會(2024)，第三屆永續金融評鑑說明
    4. 金融監督管理委員會(2022)，綠色金融行動方案3.0，檢自：https://www.fsc.gov.tw/ch/home.jsp?id=1053&parentpath=0,7,616
    5. 金融監督管理委員會(2022)，五家金控成立「永續金融先行者聯盟」為淨零轉型做標竿，檢自：https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202209050001&dtable=News
    6. 台灣影響力投資協會(2024)，影響力投資，檢自：https://tiia.tw/
    7. KPMG，影響力投資 - 以非財務目標創造財務報酬的投資行為，檢自：https://kpmg.com/tw/zh/home/insights/2022/08/introduction-of-impact-investing.html
    8. 李宜樺 & 蔡佳芸 (2021)，SROI透視永續影響力，資誠企業永續發展新訊。
    描述: 碩士
    國立政治大學
    國際金融碩士學位學程
    112ZB1072
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0112ZB1072
    数据类型: thesis
    显示于类别:[國際金融碩士學位學程] 學位論文

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