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題名 退休基金導入ESG永續投資之策略分析
The Analysis of Integrating ESG Investment Strategy for Pension Funds
作者 林珈卉
Lin, Jia-Hui
貢獻者 王儷玲
Wang, Li-Ling
林珈卉
Lin, Jia-Hui
關鍵詞 ESG投資
永續投資
盡職治理
退休基金
ESG Investing
Sustainable investing
Stewardship
Pension Fund
日期 2022
上傳時間 1-八月-2022 17:31:29 (UTC+8)
摘要 ESG概念其實早在2004年聯合國全球盟約所提出的報告就被提出，強調在財務分析、資產管理的流程內整合環境、社會和公司治理議題，而近幾年因為全球氣候變遷、人權等議題的關注度愈來愈高，以及國際公約的推動，加上COVID-19疫情引發嚴重的經濟影響，使ESG投資於近兩年受到極大的重視。
退休基金作為ESG責任投資資產管理最大的投資法人機構，將ESG納入投資框架已成為趨勢，透過識別ESG風險與機會，來控管整體基金的風險並提升投資績效。目前許多國外政府退休基金已將ESG概念納入投資流程及投資標的中，並有許多值得可借鏡的作為，如日本GPIF、美國CalPERS、加拿大PSP、挪威GPFG、荷蘭ABP，透過投資於ESG相關指數、制定排除政策、投資於幫助低碳轉型的企業、進行另類資產投資的ESG管理、履行盡職治理、參與國際倡議與活動等作法，來落實退休基金的ESG投資。
然而國內退休基金仍處於ESG投資剛起步的階段，許多作法可以再加強，故本研究最後提出幾點建議，對臺灣退休基金在ESG永續投資作為的建議包括追蹤更多元的指數、完備排除政策、另類資產投資管理納入ESG因素、盡職治理的規劃需更完整、多參與國際活動與世界接軌等；對政策的建議包括制定相關法規促進退休基金的ESG投資、退休基金管理機構法人化有助於ESG策略的推動、建立ESG揭露平台等。希望臺灣退休基金未來在ESG永續投資上能夠有更多的作為，發揮正向影響力改變環境與社會。
The concept of ESG can date back to the report published by The United Nations Global Compact in 2004. It emphasizes the integration of environmental, social and governance issues in the process of financial analysis and asset management. Due to the public awareness of climate change and human rights, the promotion of international covenant, and the economic impact caused by the COVID-19, ESG investing receives great attention in the past two years.
As the largest institutional investor in the field of ESG in asset management, it has become a trend for pension funds to integrate ESG in their investment frameworks. By identifying risks and opportunities, they can control the risk and improve the performance of the fund. Many pension funds have integrated ESG into their investment processes, such as GPIF in Japan, CalPERS in the United States, PSP in Canada, GPFG in Norway, and ABP in Netherlands, and there are many practices that we can take as reference. For example, they invest in ESG-related indices, make exclusion lists, invest in companies that contribute to the low-carbon transition, integrate ESG issues into the management of alternative assets, make stewardship principles, and participate in international initiatives.
However, pension funds in Taiwan are just getting started in ESG investing, and many practices can be improved. Therefore, the research puts forward several recommendations to the pension funds in Taiwan, including tracing various indices, completing exclusion policy, integrating ESG factors into alternative investment, completing stewardship principles, and participating in international initiatives. For the policy recommendations, including making regulations, corporatization of pension funds, and establishing ESG disclosing platform.
參考文獻 中文部分
UBS臺灣官方網站(2021)，什麼是高ESG評等債券的投資優勢，上網日期2021年11月29日，檢自：https://www.ubs.com/tw/tc/asset-management/insights/sustainable-and-impact-investing/2021/esg-20210125.html
公務人員退撫基金管理委員會(2021)，公務人員退撫基金110年度國外委託經營評選結果揭曉，全球高品質ESG指數股票型計有BlackRock Financial Management Inc.及UBS Asset Management (Hong Kong) Limited等2家取得簽約資格，上網日期2022年5月29日，檢自：https://www.fund.gov.tw/News_Content.aspx?n=383&sms=11727&s=18607
呂淑美(2022)，退撫基金111年擬釋出10億美元 投資全球ESG股票型，工商時報，上網日期2022年5月29日，檢自：https://ctee.com.tw/livenews/aj/ctee/A02648002022033016152587
李雅雯(2021)，勞動基金委任投資 鎖定ESG標的，自由財經，上網日期2022年5月29日，檢自：https://ec.ltn.com.tw/article/paper/1492007
施羅德投資(2022)，追求「義利雙收」影響力世代正式來臨，上網日期2022年5月29日，檢自：https://www.schroders.com/zh-tw/tw/asset-management/insights/impact-investing/article01/
陳碧芬(2021)，影響力投資概念 全球發燒，工商時報，上網日期2022年5月31日，檢自：https://ctee.com.tw/news/finance/444049.html
勞動基金運用局(2020)，2018-2019永續報告書，上網日期2022年05月19日，檢自：https://www.blf.gov.tw/media/30721/2018-2019%e7%a4%be%e6%9c%83%e8%b2%ac%e4%bb%bb%e5%a0%b1%e5%91%8a%e6%9b%b8.pdf
勞動基金運用局(2022)，2020-2021永續報告書，上網日期2022年05月19日，檢自：https://www.blf.gov.tw/media/37954/2020-2021%e6%b0%b8%e7%ba%8c%e5%a0%b1%e5%91%8a%e6%9b%b8.pdf
勞動基金運用局官方網站，上網日期2022年05月19日，檢自：https://www.blf.gov.tw/
臺灣指數公司，臺灣永續指數，上網日期2022年5月29日，檢自：https://www.taiwanindex.com.tw/index/index/F4GTTE
臺灣指數公司，臺灣企業社會責任中小型指數，上網日期2022年5月29日，檢自：https://www.taiwanindex.com.tw/index/index/IX0133
臺灣指數公司，臺灣就業99指數，上網日期2022年5月29日，檢自：https://www.taiwanindex.com.tw/index/index/EMP99
臺灣證券交易所(2016)，「臺灣高薪100指數」成分股定期審核結果，上網日期2022年5月29日，檢自：https://www.twse.com.tw/zh/news/newsDetail/?id=19056

英文部分
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Government Pension Investment Fund (GPIF) (2019). ESG Report 2018. Retrieved March 5 2022. From: https://www.gpif.go.jp/en/investment/190905_Esg_Report.pdf
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描述 碩士
國立政治大學
風險管理與保險學系
109358009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109358009
資料類型 thesis
dc.contributor.advisor 王儷玲zh_TW
dc.contributor.advisor Wang, Li-Lingen_US
dc.contributor.author (作者) 林珈卉zh_TW
dc.contributor.author (作者) Lin, Jia-Huien_US
dc.creator (作者) 林珈卉zh_TW
dc.creator (作者) Lin, Jia-Huien_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-八月-2022 17:31:29 (UTC+8)-
dc.date.available 1-八月-2022 17:31:29 (UTC+8)-
dc.date.issued (上傳時間) 1-八月-2022 17:31:29 (UTC+8)-
dc.identifier (其他 識別碼) G0109358009en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141073-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險學系zh_TW
dc.description (描述) 109358009zh_TW
dc.description.abstract (摘要) ESG概念其實早在2004年聯合國全球盟約所提出的報告就被提出，強調在財務分析、資產管理的流程內整合環境、社會和公司治理議題，而近幾年因為全球氣候變遷、人權等議題的關注度愈來愈高，以及國際公約的推動，加上COVID-19疫情引發嚴重的經濟影響，使ESG投資於近兩年受到極大的重視。
退休基金作為ESG責任投資資產管理最大的投資法人機構，將ESG納入投資框架已成為趨勢，透過識別ESG風險與機會，來控管整體基金的風險並提升投資績效。目前許多國外政府退休基金已將ESG概念納入投資流程及投資標的中，並有許多值得可借鏡的作為，如日本GPIF、美國CalPERS、加拿大PSP、挪威GPFG、荷蘭ABP，透過投資於ESG相關指數、制定排除政策、投資於幫助低碳轉型的企業、進行另類資產投資的ESG管理、履行盡職治理、參與國際倡議與活動等作法，來落實退休基金的ESG投資。
然而國內退休基金仍處於ESG投資剛起步的階段，許多作法可以再加強，故本研究最後提出幾點建議，對臺灣退休基金在ESG永續投資作為的建議包括追蹤更多元的指數、完備排除政策、另類資產投資管理納入ESG因素、盡職治理的規劃需更完整、多參與國際活動與世界接軌等；對政策的建議包括制定相關法規促進退休基金的ESG投資、退休基金管理機構法人化有助於ESG策略的推動、建立ESG揭露平台等。希望臺灣退休基金未來在ESG永續投資上能夠有更多的作為，發揮正向影響力改變環境與社會。		zh_TW
dc.description.abstract (摘要) The concept of ESG can date back to the report published by The United Nations Global Compact in 2004. It emphasizes the integration of environmental, social and governance issues in the process of financial analysis and asset management. Due to the public awareness of climate change and human rights, the promotion of international covenant, and the economic impact caused by the COVID-19, ESG investing receives great attention in the past two years.
As the largest institutional investor in the field of ESG in asset management, it has become a trend for pension funds to integrate ESG in their investment frameworks. By identifying risks and opportunities, they can control the risk and improve the performance of the fund. Many pension funds have integrated ESG into their investment processes, such as GPIF in Japan, CalPERS in the United States, PSP in Canada, GPFG in Norway, and ABP in Netherlands, and there are many practices that we can take as reference. For example, they invest in ESG-related indices, make exclusion lists, invest in companies that contribute to the low-carbon transition, integrate ESG issues into the management of alternative assets, make stewardship principles, and participate in international initiatives.
However, pension funds in Taiwan are just getting started in ESG investing, and many practices can be improved. Therefore, the research puts forward several recommendations to the pension funds in Taiwan, including tracing various indices, completing exclusion policy, integrating ESG factors into alternative investment, completing stewardship principles, and participating in international initiatives. For the policy recommendations, including making regulations, corporatization of pension funds, and establishing ESG disclosing platform.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究方法 3
第四節 研究架構 3
第二章 文獻回顧 5
第一節 ESG與PRI投資國際發展趨勢 5
第二節 退休基金與ESG投資 14
第三章 國際退休基金與主權基金之ESG投資概況 20
第一節 日本政府退休投資基金GPIF 20
第二節 美國加州公務人員退休基金CALPERS 31
第三節 加拿大公共部門退休金投資機構PSP 40
第四節 挪威政府全球退休基金GPFG 48
第五節 荷蘭公職人員退休基金ABP 59
第六節 小結 67
第四章 臺灣退休基金之ESG投資概況 69
第一節 勞動基金運用局 69
第二節 國內其他退休基金 76
第五章 退休基金之ESG永續投資分析 77
第一節 國內外ESG投資策略差異 77
第二節 國內退休基金之問題 82
第六章 結論與建議 84
第一節 研究發現 84
第二節 對臺灣退休基金在ESG投資作為的建議 91
第三節 未來政策建議 97
第四節 研究限制與未來研究方向 99
參考文獻 100		zh_TW
dc.format.extent 4323134 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109358009en_US
dc.subject (關鍵詞) ESG投資zh_TW
dc.subject (關鍵詞) 永續投資zh_TW
dc.subject (關鍵詞) 盡職治理zh_TW
dc.subject (關鍵詞) 退休基金zh_TW
dc.subject (關鍵詞) ESG Investingen_US
dc.subject (關鍵詞) Sustainable investingen_US
dc.subject (關鍵詞) Stewardshipen_US
dc.subject (關鍵詞) Pension Funden_US
dc.title (題名) 退休基金導入ESG永續投資之策略分析zh_TW
dc.title (題名) The Analysis of Integrating ESG Investment Strategy for Pension Fundsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分
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臺灣指數公司，臺灣就業99指數，上網日期2022年5月29日，檢自：https://www.taiwanindex.com.tw/index/index/EMP99
臺灣證券交易所(2016)，「臺灣高薪100指數」成分股定期審核結果，上網日期2022年5月29日，檢自：https://www.twse.com.tw/zh/news/newsDetail/?id=19056

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dc.identifier.doi (DOI) 10.6814/NCCU202200794en_US