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| Title: | 綠色基金漂綠現象實證分析
Determinants of Greenwashing in ESG Funds |
| Authors: | 張晴雯
Chang, Chin-Wen |
| Contributors: | 許永明
張晴雯
Chang, Chin-Wen |
| Keywords: | 永續投資
綠色基金
漂綠
基金績效表現
Sustainable Investment
ESG Fund
Greenwashing
Fund Performance |
| Date: | 2025 |
| Issue Date: | 2025-08-04 13:28:54 (UTC+8) |
| Abstract: | 隨著ESG永續議題日益重視，在全球掀起永續投資浪潮。然而漂綠議題也隨之產生，投資人無法明確判斷基金是否存在漂綠行為，且各國對綠色基金及永續資訊揭露的相關規範不盡相同，各個ESG評級機構的評分機制也有所差異，導致缺乏全球統一的標準，以上皆可能導致漂綠行為的發生。基於此，本研究旨在探討基金漂綠行為對基金績效表現的影響。
本研究聚焦於臺灣境內基金，其中ESG相關數據皆來自Bloomberg，其餘數據皆來自臺灣經濟新報（TEJ），並透過基金資訊觀測站及Bloomberg所標示判別是否為ESG基金。透過迴歸分析，並依照基金是否為綠色基金、基金類型進行分類，進行獨立樣本t檢驗，檢驗結果發現與文獻結果相似之處。
研究結果顯示基金漂綠嫌疑與超額收益率、基金經理人是否更換、基金費用率等變數有顯著負相關，而與爭議性收入則有顯著正相關，根據信號理論，向外傳遞正面信號對資金吸引力及市場表現有正面影響。透過將樣本依是否為綠色基金進行分類，檢驗結果可發現，永續性收入、基金規模、費用率皆有顯著差異，但超額收益率並不會因為是否為綠色基金而有明顯差異。
With the increasing importance of ESG sustainability issues, sustainable investing has become increasingly popular around the globe. However, the problem of greenwash has also arisen because investors can not determine whether a fund has greenwashing or not, and the regulations on ESG funds and sustainability disclosure differ in every country, as well as the scoring process of various ESG rating agencies, resulting in the lack of a global standard. Therefore, this study focuses on the impact of greenwash on fund performance, especially for ESG funds.
The ESG data used are from Bloomberg, and the other data are from TEJ. ESG funds are identified by the TDCC and Bloomberg's labeling. Through regression analysis and categorization according to the types of funds and whether the fund is an ESG fund, the results of the t-test found similarities with the literature results.
The regression results show a significant negative correlation between the greenwash index and variables such as excess return, change of fund manager, and fund expense rate. Risk revenue has a significant positive correlation. According to signaling theory, sending out positive signals has a positive impact on cash flow attractiveness and market performance. Then, categorizing the samples according to whether they are green funds or not, the t-test results show significant differences in sustainability income, fund size, and expense ratio. But there is no significant difference in excess return depending on whether they are green funds or not. |
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| Description: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1034 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1034 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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