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題名 公司治理評鑑表現、永續目標與國內外資持股之相關性分析
Correlations of Corporate Governance, Performance of Sustainable Development Goals, and Types of Shareholders作者 林雨靜
Lin, Yu-Ching貢獻者 別蓮蒂<br>朴星俊
Bei, Lien-Ti<br>Park, Sung-Jun
林雨靜
Lin, Yu-Ching關鍵詞 公司治理
企業社會責任
聯合國永續發展目標（SDGs）
社會責任投資
Corporate Governance
Corporate Social Responsibility
United Nations Sustainable Development Goals (SDGs)
Responsible Investment日期 2021 上傳時間 4-Aug-2021 16:40:18 (UTC+8) 摘要 隨著聯合國永續發展目標（SDGs）、ESG永續投資議題興起，機構投資者開始重視企業對於公司治理表現、永續策略制定及風險揭露狀況，台灣為與國際接軌亦推動「公司治理評鑑」，期望透過評鑑良性競爭使企業間重視自身公司治理表現及推動治理文化的改革。而金管會透過「公司治理3.0」加入永續議題，並鼓勵被投資者關注ESG議題。本研究主要探討台灣上市櫃公司於公司治理表現、聯合國永續發展目標（Sustainable Development Goals, SDGs）及國外投資三者相關性，透過TEJ台灣經濟新報、台灣企業社會責任報告書資料庫及台灣證券交易所公開資訊觀測站提供之財務及永續面資料進行研究。將SDGs根據Bhattacharya, et al.（2014）的分類分成經濟、社會、環境三個面向，並與公司治理評鑑分數做相關性分析，確認評鑑分數是否與SDGs整體表現相關或是會分別受到經濟、社會、環境面影響，之後進一步研究企業國外投資者投入資源與公司治理評鑑分數相關性。透過敘述性統計、相關係數分析及迴歸分析探究變數間的相關性，研究結果發現，公司治理績效會受到企業整體SDGs表現影響，而非著重於經濟、社會、環境其中之一面向。若企業只著重於某一面向永續策略將不會提升其公司治理表現。此外，公司治理表現較佳之企業，其來自國外投資者的持股數愈高，顯示公司治理為國外投資者投資考量因素之一。
With the emergence of the United Nations Sustainable Development Goals (SDGs) and ESG sustainable investment issues, institutional investors have begun to focus on the importance to corporate governance performance, sustainability strategy, and risk exposure. Taiwan has also promoted the "Corporate Governance Evaluation System " in order to be in line with international standards ". It is hoped that through the evaluation, companies will pay more attention to their own corporate governance performance and reform their governance culture. The Financial Supervisory Commission, Taiwan has also added sustainability issues through "Corporate Governance 3.0" and encourages investors to pay attention to ESG issues.The research mainly discussed the relevance of Taiwan listed companies in corporate governance, the United Nations Sustainable Development Goals (SDGs) and shareholdings. In order to collect financial and sustainable data, the research collected 2018-2019 dataset from “TEJ Taiwan Economic News”, “Taiwan CSR Report Database”, and “Taiwan Stock Exchange”. The research discussed whether corporate governance will be affected either by economic, social, and environmental aspects of SDGs, or the overall SDGs performance. Furthermore, the research discussed about the correlation between foreign, domestic shareholdings and cooperate governance performance.The method of the research used descriptive statistics, correlation coefficient analysis and regression analysis to check the result. It is found that corporate governance will be affected by companies’ overall performance of SDGs, instead of only one of economic, social, and environmental SDGs aspects. 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國立政治大學
企業管理研究所(MBA學位學程)
108363105資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363105 資料類型 thesis dc.contributor.advisor 別蓮蒂<br>朴星俊 zh_TW dc.contributor.advisor Bei, Lien-Ti<br>Park, Sung-Jun en_US dc.contributor.author (Authors) 林雨靜 zh_TW dc.contributor.author (Authors) Lin, Yu-Ching en_US dc.creator (作者) 林雨靜 zh_TW dc.creator (作者) Lin, Yu-Ching en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 16:40:18 (UTC+8) - dc.date.available 4-Aug-2021 16:40:18 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 16:40:18 (UTC+8) - dc.identifier (Other Identifiers) G0108363105 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136742 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 108363105 zh_TW dc.description.abstract (摘要) 隨著聯合國永續發展目標（SDGs）、ESG永續投資議題興起，機構投資者開始重視企業對於公司治理表現、永續策略制定及風險揭露狀況，台灣為與國際接軌亦推動「公司治理評鑑」，期望透過評鑑良性競爭使企業間重視自身公司治理表現及推動治理文化的改革。而金管會透過「公司治理3.0」加入永續議題，並鼓勵被投資者關注ESG議題。本研究主要探討台灣上市櫃公司於公司治理表現、聯合國永續發展目標（Sustainable Development Goals, SDGs）及國外投資三者相關性，透過TEJ台灣經濟新報、台灣企業社會責任報告書資料庫及台灣證券交易所公開資訊觀測站提供之財務及永續面資料進行研究。將SDGs根據Bhattacharya, et al.（2014）的分類分成經濟、社會、環境三個面向，並與公司治理評鑑分數做相關性分析，確認評鑑分數是否與SDGs整體表現相關或是會分別受到經濟、社會、環境面影響，之後進一步研究企業國外投資者投入資源與公司治理評鑑分數相關性。透過敘述性統計、相關係數分析及迴歸分析探究變數間的相關性，研究結果發現，公司治理績效會受到企業整體SDGs表現影響，而非著重於經濟、社會、環境其中之一面向。若企業只著重於某一面向永續策略將不會提升其公司治理表現。此外，公司治理表現較佳之企業，其來自國外投資者的持股數愈高，顯示公司治理為國外投資者投資考量因素之一。 zh_TW dc.description.abstract (摘要) With the emergence of the United Nations Sustainable Development Goals (SDGs) and ESG sustainable investment issues, institutional investors have begun to focus on the importance to corporate governance performance, sustainability strategy, and risk exposure. Taiwan has also promoted the "Corporate Governance Evaluation System " in order to be in line with international standards ". It is hoped that through the evaluation, companies will pay more attention to their own corporate governance performance and reform their governance culture. The Financial Supervisory Commission, Taiwan has also added sustainability issues through "Corporate Governance 3.0" and encourages investors to pay attention to ESG issues.The research mainly discussed the relevance of Taiwan listed companies in corporate governance, the United Nations Sustainable Development Goals (SDGs) and shareholdings. In order to collect financial and sustainable data, the research collected 2018-2019 dataset from “TEJ Taiwan Economic News”, “Taiwan CSR Report Database”, and “Taiwan Stock Exchange”. The research discussed whether corporate governance will be affected either by economic, social, and environmental aspects of SDGs, or the overall SDGs performance. Furthermore, the research discussed about the correlation between foreign, domestic shareholdings and cooperate governance performance.The method of the research used descriptive statistics, correlation coefficient analysis and regression analysis to check the result. It is found that corporate governance will be affected by companies’ overall performance of SDGs, instead of only one of economic, social, and environmental SDGs aspects. In addition, when companies with better corporate governance will be related to higher foreign shareholdings, it showed that corporate governance is one of the factors for foreign investors` investment. en_US dc.description.tableofcontents 目次摘要 IAbstract II謝誌 IV目次 IV圖次 VI表次 VII附表 VII第一章 緒論 1第一節 研究背景 1第二節 研究動機 3第三節 研究主題 3第四節 研究流程 4第二章 文獻探討 5第一節 公司治理 6第二節 企業社會責任 11第三節 聯合國永續發展目標 14第四節 社會責任投資 29第三章 理論架構與研究方法 33第一節 研究架構 33第二節 資訊來源概述 34第四章 研究結果 41第五章 結論與建議 52第一節 研究結論 52第二節 研究限制及建議 54參考文獻 58附錄 65圖次圖 1 研究流程圖 4圖 2 台灣上市櫃公司出版企業社會責任報告書情形 14圖 3 SASB 重大性地圖索引 15圖 4 聯合國17項永續發展目標 16圖 5 Paolo & Addeo（2019）的分類研究方法 20圖 6 Kostoska & Kocarev（2019）的分類研究方法 23圖 7 研究架構一 33圖 8 研究架構二 34 表次表 1 聯合國17項永續發展目標細項 17表 2 聯合國17項永續發展目標具體目標及指標數量 18表 3 Paolo & Addeo（2019）的SDGs社會、環境、經濟分類 21表 4 Kostoska & Kocarev（2019）的SDGs社會、環境、經濟分類 24表 5 Bhattacharya, Khan, & Salma（2014）的SDGs社會、環境、經濟分類 26表 6 公司治理評鑑構面權重計分方式 37表 7 各變數資料來源及定義 40表 8 本研究變數之描述性統計 41表 9 企業公司治理評鑑結果分布狀況 42表 10 相關係數矩陣 43表 11 企業執行SDGs 數目與公司治理表現關聯性之迴歸分析結果 45表 12 經濟面SDGs與公司治理之迴歸分析結果 46表 13 社會面SDGs與公司治理之迴歸分析結果 47表 14 環境面SDGs與公司治理之迴歸分析結果 47表 15 企業公司治理表現及國外投資之迴歸分析結果 49表 16 企業公司治理表現及國內投資之迴歸分析結果 50表 17 研究結果總結 54附表附表 1 構面指標數及權重表 65附表 2 構面計分方式 65 zh_TW dc.format.extent 1740814 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363105 en_US dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 聯合國永續發展目標（SDGs） zh_TW dc.subject (關鍵詞) 社會責任投資 zh_TW dc.subject (關鍵詞) Corporate Governance en_US dc.subject (關鍵詞) Corporate Social Responsibility en_US dc.subject (關鍵詞) United Nations Sustainable Development Goals (SDGs) en_US dc.subject (關鍵詞) Responsible Investment en_US dc.title (題名) 公司治理評鑑表現、永續目標與國內外資持股之相關性分析 zh_TW dc.title (題名) Correlations of Corporate Governance, Performance of Sustainable Development Goals, and Types of Shareholders en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部份CSRone 永續智庫（2021），2021臺灣暨亞太永續報告與趨勢，檢自：https://csrone.com/reports/4280，擷取日期2021年3月29日。台灣證券交易所-公司治理中心，TWSE 公司治理中心（2019），公司治理評鑑，檢自https://cgc.twse.com.tw/evaluationCorp/listCh，擷取日期2021年4月6日。台灣證券交易所-公司治理中心，TWSE 公司治理中心（2020），盡職治理守則，檢自https://cgc.twse.com.tw/front/stewardship，擷取日期2021年7月20日。行政院院會議案（2021），推動「公司治理3.0-永續發展藍圖」・檢自: https://www.ey.gov.tw/Page/448DE008087A1971/ef4a599f-0acd-4ee7-abab-2809146764ff，擷取日期2021年3月29日。林宛瑩、許崇元（2008），台灣集團企業之控股型態及公司治理衡量指標之研究與建議。交大管理學報，第28卷，第1期，頁269-312。金融監督管理委員會（2018），新版公司治理藍圖（2018-2020），檢自https://www.sfb.gov.tw/ch/home.jsp?id=885&parentpath=0,8,882,884，擷取日期2021年3月29日。金融監督管理委員會（2021），公司治理3.0-永續發展藍圖，檢自https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884，擷取日期2021年3月29日。高蘭芬、盧正壽、黃冠智、陳安琳（2012），公司治理、公司績效與投資策略，中山管理評論，第二十卷第三期，頁851-880。溫育芳（2005），國內上市公司最適資本結構之實證研究，企銀季刊，第二十八卷第二期，頁51-69。劉松瑜（2007），創業投資事業對高科技公司價值提昇之研究，管理與系統，第十四卷第一期，頁27-49。二、英文部份Anish, B. 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