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題名 國際永續政策對公司經營效率之影響—以SASB準則及氣候揭露原則為例
The Impact of International Sustainability Policy on Firm Efficiency: Evidence from SASB Standard and Climate Disclosure Principles作者 張家誠
Chang, Chia-Cheng貢獻者 鄭士卿<br>楊曉文
Jeng, Shih-Ching<br>Yang, Sheau-Wen
張家誠
Chang, Chia-Cheng關鍵詞 資料包絡分析法
企業社會責任
ESG重大性
SASB
GRI
TCFD
DEA
CSR
ESG Materiality
SASB
GRI
TCFD日期 2022 上傳時間 2-Sep-2022 14:50:59 (UTC+8) 摘要 金管會自2010年起持續推動企業揭露ESG資訊的規範，以接軌針對不同主題之國際永續政策，如重視氣候變遷對企業營運管理之影響的氣候相關財務揭露(TCFD)，以及專注於制定各產業具財務攸關性一致標準的SASB準則。然而企業揭露ESG資訊或是投入於ESG各項議題中，是否真的可為公司經營效率帶來正向效益，此為本研究欲探討之核心問題。因此本文首先使用GRI及TCFD準則相關的氣候變遷資料，實證分析2015年到2019年臺灣上市櫃公司自願揭露氣候變遷資訊是否可提升公司的經營效率；再運用Bloomberg ESG分數及政大NN IP野村投信金融研究中心提供的SASB分數資料，實證分析2012到2019年臺灣上市櫃公司揭露ESG資訊之程度以及投入於各產業ESG重大性議題之績效，對公司經營效率的影響。在考慮內生性問題後，實證結果指出企業依照GRI準則自願揭露氣候變遷政策對公司的經營效率並無顯著影響，而企業參照TCFD準則自願鑑別氣候變遷風險與機會雖然能夠增加公司的純技術效率，卻也同時降低公司的規模效率。本研究亦證實企業的ESG分數與純技術效率之間存在顯著非線性關係，表示企業必須在揭露足夠的ESG資訊量後，額外的ESG資訊揭露才有助於提升公司的純技術效率，而SASB分數則與純技術效率之間存在顯著的正向線性關係，表明企業投入於ESG重大性議題能夠立即提升公司的純技術效率，此外企業不論是致力於揭露更完整的ESG資訊或是投入於ESG重大性議題中，皆不影響規模效率，因此企業遵循SASB準則的重大性地圖投入於ESG重大性議題中為更具經濟效益的ESG作為。
Since 2010, the Financial Supervisory Commission(FSC) has continued to promote the standardization of ESG information disclosure by enterprises, such as TCFD and SASB standards. However, whether companies invest in ESG issues can really bring positive benefits to the company`s operating efficiency? This is the core question to be explored in this study. Therefore, this paper firstly analyzes whether Taiwan listed and OTC companies from 2015 to 2019 voluntarily disclose climate change information can improve the company`s operating efficiency. Then analyzes whether the degree of ESG information disclosure and the performance of investing in major ESG issues in various industries by Taiwan listed and OTC companies from 2012 to 2019 have impact on the company`s operating efficiency.The empirical results show that companies voluntarily disclose climate change policies in accordance with the GRI guidelines have no significant impact on the company`s operating efficiency, while companies voluntarily identify climate change risks and opportunities with reference to the TCFD guidelines can increase the company`s pure technical efficiency(PTE), but also reduce the company`s scale efficiency(SE). This study also confirms that there is a significant nonlinear relationship between companies` ESG scores and PTE, indicating that companies must disclose enough ESG information before additional ESG information disclosure can help improve the company`s PTE. However, there is a significant positive linear relationship between the SASB score and PTE, indicating that companies` investment in ESG materiality issues can immediately improve the company`s PTE. Therefore, companies that follow the materiality map of the SASB standard and invest in ESG material issues are more economical ESG actions.參考文獻 中文文獻江則蓁 (2019)。企業落實ESG對公司經營效率影響。國立政治大學風險管理與保險學系碩士班碩士學位論文。李宜樺、張瑞婷(2020)。與投資人有效溝通的永續語言：SASB準則。資誠企業永續發展新訊。施凱珍 (2021)。採SASB準則下ESG重大性議題與財務績效之探討。國立政治大學風險管理與保險學系碩士班碩士學位論文。黃正忠、林泉興、謝孟哲 (2017)。企業如何整合運用GRI 準則及TCFD 指引報導氣候變遷議題。證券服務，13(660)，56-62。英文文獻Aerts, W., Cormier, D., & Magnan, M. (2008). Corporate environmental disclosure, financial markets and the media: An international perspective. Ecological Economics, 64(3), 643–659. https://doi.org/10.1016/j.ecolecon.2007.04.012Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions & Money, 70, 101277–. https://doi.org/10.1016/j.intfin.2020.101277Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322–. https://doi.org/10.1016/j.jbankfin.2021.106322Bruna, M. G., Loprevite, S., Raucci, D., Ricca, B., & Rupo, D. (2022). Investigating the marginal impact of ESG results on corporate financial performance. Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2022.102828Chang, K., Cheng, X., Wang, Y., Liu, Q., & Hu, J. (2021). The impacts of ESG performance and digital finance on corporate financing efficiency in China. Applied Economics Letters, 1–8. https://doi.org/10.1080/13504851.2021.1996527Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23. https://doi.org/10.1002/smj.2131Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410–431. https://doi.org/10.1016/j.jaccpubpol.2013.06.008Consolandi, C., Eccles, R. G., & Gabbi, G. (2020). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality. Journal of Sustainable Finance & Investment, 1–24. https://doi.org/10.1080/20430795.2020.1824889Cormier, D. & Magnan, M. (2007). The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective. Ecological Economics, 62(3), 613–626. https://doi.org/10.1016/j.ecolecon.2006.07.030Cummins, J. D. & Weiss, M. A. (2013). Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Methods. In Handbook of Insurance (pp. 795–861). Springer New York. https://doi.org/10.1007/978-1-4614-0155-1_28Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005El Ghoul, S., Guedhami, O., Kwok, C. C. ., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007Erhemjamts, O., Li, Q., & Venkateswaran, A. (2013). Corporate Social Responsibility and Its Impact on Firms’ Investment Policy, Organizational Structure, and Performance. Journal of Business Ethics, 118(2), 395–412. https://doi.org/10.1007/s10551-012-1594-xFriede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. 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Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840–855. https://doi.org/10.1002/bse.2657Trinks, A., Mulder, M., & Scholtens, B. (2020). An Efficiency Perspective on Carbon Emissions and Financial Performance. Ecological Economics, 175, 106632–. https://doi.org/10.1016/j.ecolecon.2020.106632Vitaliano, D. F., & Stella, G. P. (2006). The cost of Corporate Social Responsibility: the case of the Community Reinvestment Act. Journal of Productivity Analysis, 26(3), 235–244. https://doi.org/10.1007/s11123-006-0018-2Wu, C., Xiong, X., & Gao, Y. (2021). Does ESG Certification Improve Price Efficiency in the Chinese Stock Market? Asia-Pacific Financial Markets, 29(1), 97–122. https://doi.org/10.1007/s10690-021-09346-4Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300. https://doi.org/10.1002/bse.2224Yang, S. L. (2015). Corporate social responsibility and an enterprise’s operational efficiency: considering competitor’s strategies and the perspectives of long-term engagement. Quality & Quantity, 50(6), 2553–2569. https://doi.org/10.1007/s11135-015-0276-z 描述 碩士
國立政治大學
風險管理與保險學系
109358022資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109358022 資料類型 thesis dc.contributor.advisor 鄭士卿<br>楊曉文 zh_TW dc.contributor.advisor Jeng, Shih-Ching<br>Yang, Sheau-Wen en_US dc.contributor.author (Authors) 張家誠 zh_TW dc.contributor.author (Authors) Chang, Chia-Cheng en_US dc.creator (作者) 張家誠 zh_TW dc.creator (作者) Chang, Chia-Cheng en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 14:50:59 (UTC+8) - dc.date.available 2-Sep-2022 14:50:59 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 14:50:59 (UTC+8) - dc.identifier (Other Identifiers) G0109358022 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141570 - 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) 109358022 zh_TW dc.description.abstract (摘要) 金管會自2010年起持續推動企業揭露ESG資訊的規範，以接軌針對不同主題之國際永續政策，如重視氣候變遷對企業營運管理之影響的氣候相關財務揭露(TCFD)，以及專注於制定各產業具財務攸關性一致標準的SASB準則。然而企業揭露ESG資訊或是投入於ESG各項議題中，是否真的可為公司經營效率帶來正向效益，此為本研究欲探討之核心問題。因此本文首先使用GRI及TCFD準則相關的氣候變遷資料，實證分析2015年到2019年臺灣上市櫃公司自願揭露氣候變遷資訊是否可提升公司的經營效率；再運用Bloomberg ESG分數及政大NN IP野村投信金融研究中心提供的SASB分數資料，實證分析2012到2019年臺灣上市櫃公司揭露ESG資訊之程度以及投入於各產業ESG重大性議題之績效，對公司經營效率的影響。在考慮內生性問題後，實證結果指出企業依照GRI準則自願揭露氣候變遷政策對公司的經營效率並無顯著影響，而企業參照TCFD準則自願鑑別氣候變遷風險與機會雖然能夠增加公司的純技術效率，卻也同時降低公司的規模效率。本研究亦證實企業的ESG分數與純技術效率之間存在顯著非線性關係，表示企業必須在揭露足夠的ESG資訊量後，額外的ESG資訊揭露才有助於提升公司的純技術效率，而SASB分數則與純技術效率之間存在顯著的正向線性關係，表明企業投入於ESG重大性議題能夠立即提升公司的純技術效率，此外企業不論是致力於揭露更完整的ESG資訊或是投入於ESG重大性議題中，皆不影響規模效率，因此企業遵循SASB準則的重大性地圖投入於ESG重大性議題中為更具經濟效益的ESG作為。 zh_TW dc.description.abstract (摘要) Since 2010, the Financial Supervisory Commission(FSC) has continued to promote the standardization of ESG information disclosure by enterprises, such as TCFD and SASB standards. However, whether companies invest in ESG issues can really bring positive benefits to the company`s operating efficiency? This is the core question to be explored in this study. Therefore, this paper firstly analyzes whether Taiwan listed and OTC companies from 2015 to 2019 voluntarily disclose climate change information can improve the company`s operating efficiency. Then analyzes whether the degree of ESG information disclosure and the performance of investing in major ESG issues in various industries by Taiwan listed and OTC companies from 2012 to 2019 have impact on the company`s operating efficiency.The empirical results show that companies voluntarily disclose climate change policies in accordance with the GRI guidelines have no significant impact on the company`s operating efficiency, while companies voluntarily identify climate change risks and opportunities with reference to the TCFD guidelines can increase the company`s pure technical efficiency(PTE), but also reduce the company`s scale efficiency(SE). This study also confirms that there is a significant nonlinear relationship between companies` ESG scores and PTE, indicating that companies must disclose enough ESG information before additional ESG information disclosure can help improve the company`s PTE. However, there is a significant positive linear relationship between the SASB score and PTE, indicating that companies` investment in ESG materiality issues can immediately improve the company`s PTE. Therefore, companies that follow the materiality map of the SASB standard and invest in ESG material issues are more economical ESG actions. en_US dc.description.tableofcontents 目 次第一章 緒論 1第一節 研究動機與目的 1第二節 研究背景 4第三節 研究架構 7第二章 文獻回顧 9第一節 公司自願揭露環境資訊相關文獻 9第二節 ESG與公司經營績效及效率相關文獻 10第三節 SASB與公司經營績效相關文獻 12第三章 研究假說與實證模型 15第一節 研究假說 15第二節 研究方法 17第三節 實證模型 23第四章 資料來源與變數介紹 26第一節 資料來源 26第二節 投入與產出變數 28第三節 實證模型變數 29第五章 實證結果與分析 34第一節 敘述性統計 34第二節 公司經營效率與氣候變遷揭露 40第三節 公司經營效率與ESG/SASB分數 45第六章 結論 51第七章 附錄 53第八章 參考文獻 59 zh_TW dc.format.extent 3164503 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109358022 en_US dc.subject (關鍵詞) 資料包絡分析法 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) ESG重大性 zh_TW dc.subject (關鍵詞) SASB zh_TW dc.subject (關鍵詞) GRI zh_TW dc.subject (關鍵詞) TCFD zh_TW dc.subject (關鍵詞) DEA en_US dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) ESG Materiality en_US dc.subject (關鍵詞) SASB en_US dc.subject (關鍵詞) GRI en_US dc.subject (關鍵詞) TCFD en_US dc.title (題名) 國際永續政策對公司經營效率之影響—以SASB準則及氣候揭露原則為例 zh_TW dc.title (題名) The Impact of International Sustainability Policy on Firm Efficiency: Evidence from SASB Standard and Climate Disclosure Principles en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻江則蓁 (2019)。企業落實ESG對公司經營效率影響。國立政治大學風險管理與保險學系碩士班碩士學位論文。李宜樺、張瑞婷(2020)。與投資人有效溝通的永續語言：SASB準則。資誠企業永續發展新訊。施凱珍 (2021)。採SASB準則下ESG重大性議題與財務績效之探討。國立政治大學風險管理與保險學系碩士班碩士學位論文。黃正忠、林泉興、謝孟哲 (2017)。企業如何整合運用GRI 準則及TCFD 指引報導氣候變遷議題。證券服務，13(660)，56-62。英文文獻Aerts, W., Cormier, D., & Magnan, M. (2008). Corporate environmental disclosure, financial markets and the media: An international perspective. Ecological Economics, 64(3), 643–659. https://doi.org/10.1016/j.ecolecon.2007.04.012Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions & Money, 70, 101277–. https://doi.org/10.1016/j.intfin.2020.101277Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322–. https://doi.org/10.1016/j.jbankfin.2021.106322Bruna, M. G., Loprevite, S., Raucci, D., Ricca, B., & Rupo, D. (2022). Investigating the marginal impact of ESG results on corporate financial performance. Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2022.102828Chang, K., Cheng, X., Wang, Y., Liu, Q., & Hu, J. (2021). 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