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https://nccur.lib.nccu.edu.tw/handle/140.119/158459
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| Title: | 台灣金融業之漂綠曝險分析研究
A Study on Greenwashing Risk Exposure of Taiwan Financial Industry |
| Authors: | 林偉強
Lim, Wai-Keong |
| Contributors: | 黃正忠
別蓮蒂
Huang, Niven C. C.
Bei, Lien-Ti
林偉強
Lim, Wai-Keong |
| Keywords: | 綠色金融
漂綠
金控公司
永續揭露
曝險評估
Green Finance
Greenwashing
Financial Holding Companies
Sustainability Disclosure
Exposure Assessment |
| Date: | 2025 |
| Issue Date: | 2025-08-04 13:49:36 (UTC+8) |
| Abstract: | 隨著全球氣候變遷、環境與生態議題日益嚴峻，全球政府與國際組織紛紛提出永續發展目標（SDGs）與淨零碳排路徑，使得金融市場中的「綠色金融」（Green Finance）概念迅速崛起。然而，隨著綠色金融規模擴大，「漂綠」（Greenwashing）現象也逐漸浮現，企業或金融機構透過選擇性揭露、誇大宣稱或模糊定義等手法，誤導投資人其實質環境貢獻。根據Reprisk（2023）報告，約25%的氣候風險事件與漂綠行為相關，其中金融業佔比15%，且自2022年以來增長70%，反映金融機構在追求「綠色」聲量時，常陷入資訊不對稱與信任危機。
在台灣，金融監督管理委員會從2017年起推動「綠色金融行動方案」至2024年已推出第四版「綠色及轉型金融行動方案」，並建置ESG數位平台，鼓勵金融業揭露永續資訊；同年5月首度提出《金融機構防漂綠參考指引》，對「漂綠」行為提出行政指導，然而該指引仍屬自律性質，缺乏強制執行力，導致各金控公司在綠色金融產品與服務的資訊揭露上，仍呈現顯著差異與不一致 。目前，雖已有學者關注一般產業之漂綠現象，但針對綠色金融領域，尤其是金融控股公司在永續揭露中可能的漂綠行為仍缺乏系統化、量化的評估框架。因此，本研究旨在建構一套專門針對綠色金融披露的漂綠曝險評估模型，以填補此一研究與實務間的缺口，並為政府監管與業界自律提供理論基礎與操作建議 。
本研究透過指標框架分析法，透過收集國際與國內的揭露框架以及漂綠類型的相關文獻來建構漂綠曝險評估架構，依屬性將指標歸類為「企業營運面向」與「綠色金融產品面向」，並為每項指標制定明確評分準則。 針對13家台灣金控公司之永續報告書、TCFD/TNFD報告書、年報及官網等公開資訊，依評分矩陣逐項對標並轉化為量化分數。依本研究關鍵結果彙整重要結論如下：
1. 臺灣金控公司的整體資訊揭露率平均為71％；其中，「企業營運面向」的揭露水準高達90％，而「綠色金融產品面向」僅有50％，呈現顯著差距。此一現象或可歸因於我國在推動企業營運相關法規方面較早啟動，而針對綠色金融產品的專門規範則相對滯後，導致金融機構在產品層面的永續資訊揭露尚未完善。
2. 揭露程度與其永續風險呈顯著負向關係：揭露越充分，其永續風險評估值越低；反之，揭露不足則對應較高的風險水平。
3. 在企業營運面向的各項揭露指標中，「永續發展策略與目標」以及「永續指標與結果」的揭露水準顯著低於其他面向； 「利害關係人溝通」維度的曝險得分最高，凸顯多數金融控股公司僅進行象徵性或選擇性披露而未提供實質溝通成效。
4. 在綠色金融產品面向中，綠色保險的漂綠曝險程度顯著高於其他類別，主要因為該產品尚未建立統一標準與第三方驗證機制，導致在產品定義、資金用途與績效指標等方面的揭露嚴重不足。同時，綠色基金因長期依賴國際指數或第三方數據，也面臨較高的漂綠風險。具有明確揭露規範的產品，如綠色債券平均漂綠曝險分數顯著偏低。
5. 本研究顯示，臺灣金融控股公司的平均曝險程度仍屬可接受範圍。各金控間的曝險得分並無顯著差異，反映出此一議題具有高度的結構性與共通性問題。在「完整性」維度上，象徵性披露現象普遍存在。而在「重大性」維度中，「聲明—行動落差」與「社會與環境重大性」兩項指標得分最高，顯示企業在永續承諾與實際行動之間脫節的風險最為顯著。
With the intensification of climate change, environmental and ecological concerns, governments and international organizations have successively proposed the Sustainable Development Goals (SDGs) and net-zero carbon emission pathways, leading to the rapid rise of the “Green Finance” concept in financial markets. However, as the scale of green finance expands, “greenwashing” has gradually emerged, where corporations or financial institutions mislead investors about their actual environmental contributions through selective disclosure, exaggerated claims, or vague definitions. According to Reprisk (2023), roughly 25% of climate‐related risk events are associated with greenwashing, 15% of which involve the financial sector; since 2022, such incidents have grown by 70%, reflecting an asymmetry of information and a crisis of trust when institutions pursue a “green” image.
In Taiwan, the Financial Supervisory Commission has launched its “Green Finance Action Plan” since 2017 and distributed the fourth edition in 2024, while also built an ESG digital platform to encourage sustainable disclosures by financial firms. In May 2024, it issued the first “Reference Guidelines for Anti‐Greenwashing by Financial Institutions,” offering administrative guidance on greenwashing behavior. However, these guidelines remain voluntary and lack enforceability, resulting in significant inconsistencies in how financial holding companies disclose information on green finance products and services. Although scholars have examined greenwashing in general industries, there is still no systematic, quantitative framework for assessing greenwashing risk specifically in the green finance sector, particularly for financial holding companies’ sustainability disclosures. This research therefore strives to establish a dedicated risk‐exposure assessment model for green finance disclosures, filling this gap between research and practice and providing a theoretical and operational foundation for both regulatory oversight and industry self‐governance.
Using an indicator‐framework analysis approach, this research constructs a greenwashing risk‐exposure assessment architecture by collecting both international and domestic disclosure frameworks and types of greenwashing. Indicators are categorized into “Corporate Operations” and “Green Finance Products,” and clear scoring criteria are established for each. A total of 13 Taiwanese financial holding companies are assessed based on publicly accessible sources, covering sustainability reports, TCFD/TNFD reports, annual reports, and official websites, are evaluated against the scoring matrix and converted into quantitative scores. The key findings are summarized as follows：
1. The average overall information‐disclosure rate of Taiwanese financial holding companies is 71%. Within that, the “Corporate Operations” dimension reaches 90% disclosure, while the “Green Finance Products” dimension is only 50%, revealing a significant gap. This disparity likely stems from Taiwan’s earlier adoption of regulations related to corporate operations, whereas specialized rules for green‐finance products have lagged, leaving product‐level sustainability disclosures underdeveloped.
2. The analysis reveals a notable negative correlation between disclosure level and sustainability risk: the more comprehensive the disclosure, the lower the assessed sustainable risk; conversely, insufficient disclosure corresponds to higher risk levels.
3. Among the Corporate Operations indicators, disclosure of “Sustainability Strategy and Targets” and “Sustainability Metrics and Results” is significantly lower than for other dimensions. The “Stakeholder Engagement” dimension has the highest exposure score, highlighting that most financial holding companies engage in merely symbolic or selective disclosure without delivering substantive engagement results.
4. In the Green-Finance Products dimension, green insurance shows a markedly higher greenwashing‐exposure level than other categories, mainly because it lacks unified standards and third‐party verification, resulting in serious shortcomings in disclosures of product definitions, fund allocation, and performance metrics. Green funds, which rely on international indices or third‐party data, also face elevated greenwashing risks. Products with clear disclosure requirements, such as green bonds and sustainable funds, have significantly lower average exposure scores.
5. The study finds that the average exposure level of Taiwanese financial holding companies remains within an acceptable range, with no significant differences among companies, indicating a structurally common issue. In the “Completeness” dimension, symbolic disclosure is widespread. In the “Materiality” dimension, the highest scores occur for the “Commitment–Action Gap” and “Social and Environmental Materiality” indicators, underscoring the most pronounced risk of disconnect between stated commitments and actual practices. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
112363108 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112363108 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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