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| Title: | ESG分數對美國不動產相關產業價值之影響
The Impact of ESG Score on the Value of US Real Estate Industries |
| Authors: | 蔡喬羽
Tsai, Chiao-Yu |
| Contributors: | 林左裕
Lin, Tso-Yu
蔡喬羽
Tsai, Chiao-Yu |
| Keywords: | ESG（環境、社會和公司治理）
不動產投資
永續發展
公司價值
ESG(Environmental, Social and Governance)
Real estate investment
Sustainable development
Firm value |
| Date: | 2023 |
| Issue Date: | 2024-10-04 10:45:01 (UTC+8) |
| Abstract: | 本研究旨在探討ESG對不動產相關產業價值的影響。以不動產開發與管理、建築業以及建築材料生產商三個不動產相關產業為標的，以Bloomberg ESG揭露分數作為ESG執行的指標，同時考慮其他總體經濟因素和公司個別特徵，透過複迴歸模型分析2015年1月至2021年12月期間這些因素對美國不動產相關產業價值的影響。
實證結果顯示，ESG分數對公司股票的年成交量加權平均價格產生正面影響，表示ESG資訊揭露得愈完整，對公司股價有正面效應，提高公司的長期價值，投資者可以透過ESG分數篩選出體質較健康的公司。
ESG表現優良的公司能降低成本、提升獲利能力，增加投資者和利益相關者對企業的信任，維護企業形象，降低爭訟風險，對企業價值帶來正面影響。又不動產行業碳排放量占都市碳排放最大比例，屬於高碳排放和高環境風險的標的。因此在投資不動產時，投資者應考慮其環境風險，將ESG因素納入投資決策，以有效應對環境和社會衝擊。
本研究提供投資者了解實施ESG對不動產行業的影響，作為投資決策之參考，有助收穫長期投資效益並發揮投資影響力。建議政府於制定相關風險管理策略時強調不動產行業在減碳、ESG和永續發展方面的重要性，監督並引導不動產相關產業的ESG揭露和減排行動，更有效實現淨零排放目標。
This study aims to investigate the impact of ESG (Environmental, Social, and Governance) on the value of real estate-related industries. It focuses on three sectors: real estate development and management, the construction industry, and construction materials manufacturers. Using Bloomberg ESG disclosure scores as an indicator of ESG performance, the study considers other macroeconomic factors and company-specific characteristics. Through a multiple regression model, it analyzes the effects of these factors on the value of the U.S. real estate-related industries from January 2015 to December 2021.
The empirical results show that ESG scores have a positive impact on the annual volume-weighted average price of company stocks. This indicates that more comprehensive ESG disclosure has a positive effect on stock prices, enhancing long-term company value. Investors can use ESG scores to identify financially healthier companies. Companies with strong ESG performance can lower costs, improve profitability, increase investor and stakeholder trust, maintain corporate image, and reduce litigation risks, thus positively impacting company value.
Additionally, the real estate sector accounts for the largest proportion of urban carbon emissions and is associated with high carbon emissions and environmental risks. Therefore, when investing in real estate, investors should consider environmental risks and incorporate ESG factors into their investment decisions to effectively address environmental and social impacts.
This study provides investors with insights into the effects of implementing ESG in the real estate sector, serving as a reference for investment decisions and helping to achieve long-term investment benefits and exert investment influence. It is recommended that governments emphasize the importance of carbon reduction, ESG, and sustainable development in the real estate industry when formulating related risk management strategies, and to supervise and guide ESG disclosure and emission reduction actions in real estate-related industries to effectively achieve net-zero emission goals. |
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(四)其他
1. The 2030 Agenda for Sustainable Development. (2015, September). United Nations.
2. The Equator Principles Association.（2020）. The Equator Principles-EP4（The Fourth Iteration of the EP）
3. The Equator Principles Association.（2022）. Members & Reporting
4. The Global Risks Report 2023. （2023, January）. World Economic Forum.
5. The Global Risks Report 2022. （2022, January）. World Economic Forum. |
| Description: | 碩士
國立政治大學
地政學系
110257024 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110257024 |
| Data Type: | thesis |
| Appears in Collections: | [地政學系] 學位論文
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