政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/145871

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/145871

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政大機構典藏 > 商學院 > 會計學系 > 學位論文 > Item 140.119/145871

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題名:	ESG揭露與公司股價之關聯性-以台灣上市櫃公司為例之實證研究 The relationship between ESG disclosure and firm stock prices: An empirical study of listed and OTC companies in Taiwan
作者:	張晨維 Chang, Chen-Wei
貢獻者:	詹凌菁張晨維 Chang, Chen-Wei
關鍵詞:	ESG SASB 公司股價價值攸關性 ESG SASB Stock prices Value relevance
日期:	2023
上傳時間:	2023-07-06 16:49:04 (UTC+8)
摘要:	ESG與投資結合已成為國內外資本市場的顯學，ESG可提供投資人額外的非財務資訊進行企業獲利與經營風險的分析，可降低企業與投資人之間的資訊不對稱問題，避免公司股價被過度低估。2023年起，金管會要求台灣上市櫃公司必須開始參考SASB準則編製永續報告書，目的是強化具財務重大性及投資決策攸關性之ESG揭露；國內永豐投顧亦推出SASB準則之ESG評等輔助投資人判斷公司價值。因此，本研究欲探討ESG評等與公司股價之關聯性，以及ESG評等對財務資訊價值攸關性之影響，並同時比較GRI準則與SASB準則的差異性，ESG評等區分為績效評等及揭露程度評等。本研究以2022年有出具2021年度永續報告書之台灣上市櫃公司作為研究對象。研究結果顯示，SASB準則之ESG績效評等與公司股價呈現顯著正相關，其餘呈現不顯著，無論是GRI準則或SASB準則，ESG評等不一定能夠顯著正面提升每股盈餘及每股淨值之價值攸關性。 The integration of Environmental, Social, and Governance (ESG) factors into investments has become a prominent practice in both domestic and international capital markets. ESG provides investors with additional non-financial information to analyze corporate profitability and operational risks, thus reducing information asymmetry between companies and investors and preventing the undervaluation of company stock prices. Starting from 2023, the Financial Supervisory Commission (FSC) in Taiwan requires listed companies to reference the Sustainability Accounting Standards Board (SASB) guidelines when preparing their sustainability reports. The objective is to enhance the disclosure of ESG factors that have financial significance and relevance to investment decision-making. In addition, SinoPac Inv.Service in Taiwan has introduced ESG ratings based on the SASB to assist investors in assessing company value. Therefore, this study aims to investigate the correlation between ESG ratings and company stock prices, as well as the impact of ESG ratings on the value relevance of financial information. Furthermore, a comparison between the Global Reporting Initiative (GRI) guidelines and the SASB has been conducted, and ESG ratings have been categorized into performance ratings and disclosure ratings. Using Taiwanese listed and OTC companies that published 2021 sustainability reports as research sample. The results reveal a significant positive correlation between SASB-based ESG performance ratings and company stock prices, while the remaining correlations are not significant. Whether based on the GRI or the SASB, ESG ratings may not necessarily significantly enhance the value relevance of EPS and book value.
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描述:	碩士國立政治大學會計學系 110353010
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0110353010
資料類型:	thesis
顯示於類別:	[會計學系] 學位論文

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