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題名 保險業永續投資策略之分析
The Analysis of Sustainable Investment Strategies in Insurance Industry作者 劉存軒
Liou, Cun-Syuan貢獻者 王儷玲
Wang, Li Ling
劉存軒
Liou, Cun-Syuan關鍵詞 永續投資
保險業
影響力投資
生物多樣性
Sustainable investment
Insurance
Impact investing
Biodiversity日期 2023 上傳時間 6-Jul-2023 16:33:07 (UTC+8) 摘要 近年來因氣候變遷、能源短缺、勞動及人權保障等趨勢，使永續議題已成為全球企業所面臨的挑戰，各家公司開始重視環境、社會與公司治理(Environmental, Social and Corporate Governance，以下簡稱 ESG)之風險管理衡量與資訊揭露，並且將ESG融入到公司各方面的決策。而金融保險業於ESG領域的重要性來自於其扮演全球機構投資人中重要的角色，若不重視永續實踐及融入投資決策中，將難以取得所有利害關係人的青睞。本研究以國內外共十家保險業的永續報告書及相關資訊所揭露的內容，分析其永續投資策略及方式，發現國際保險業永續投資負責單位組織層級已提升至委員會，且針對國家及產業皆有負面排除標準設定，並發展自身ESG標的篩選模型使用。此外，在永續發展債券投資方面採用國際認證標準、積極將主題性投資領域多元化，且高度參與影響力投資，重視生物多樣性議題。期望透過本研究了解國外保險業在實施永續責任投資的借鏡之處，可完善台灣保險業對於永續投資的實踐，減少氣候變遷風險對於台灣、全球的影響，實踐保險業的永續責任，發揮機構投資人正面影響力。
In recent years, sustainability issues have become a challenge for companies around the world due to trends such as climate change, energy shortages, and human rights protection. Companies begin to focus on ESG (Environmental, Social and Corporate Governance) risk management measurement, information disclosure, and integrate ESG into corporate decisions. The importance of the financial industry in the ESG field is due to the important role it plays among global institutional investors. If a company does not pay attention to sustainability issues and integrate sustainable into investment decisions, it will be difficult to win the favor of stakeholders.This research analyzes the sustainable investment strategies and approaches of ten domestic and foreign insurance companies based on their sustainability reports and related information. It is found that the organization level of the responsible unit for sustainable investment in the international insurance industry has been upgraded to a committee, and negative exclusion criteria have been set for both countries and industries, and their own ESG screening models have been developed. In addition, they have adopted international certification standards for sustainable bond investments, actively diversified their thematic investment areas, and are highly involved in impact investments, with an emphasis on biodiversity issues.Through this research, we hope to understand how the foreign insurance industry has implemented sustainable and responsible investment, so that we can improve the practice of sustainable investment in Taiwan`s insurance industry, reduce the impact of climate change risks on the world, fulfill the sustainable responsibility of the insurance industry, and bring into play the positive influence of institutional investors.參考文獻 一、中文部分中國人壽(2022)，110年中國人壽被投資公司股東會投票結果揭露與議案評估分析，上網日期2023年2月3日，檢自: https://www.chinalife.com.tw/CustomUpload/DownloadServlet?UidAndFileName=caf91920-44ee-48c1-b01b-fe2f195427ae~@@~中國人壽110年股東會投票情形揭露報告.pdf中國人壽(2022)，2021年永續報告書，上網日期2023年2月3日，檢自: https://www.chinalife.com.tw/CustomUpload/DownloadServlet?UidAndFileName=922f0238-09ca-42ef-883a-e674fa6ea6e7~@@~2021_Sustainability_Report_ZH.pdf中國信託金控(2022)，2021中信金控影響力評估試行報告書，上網日期2022年12月15日，檢自: https://www.ctbcholding.com/content/dam/twhoo/file/csr/report/CTBC_Impact_Valuation_Report.pdf中華民國外交部(2022)，新加坡政府將發行總額24億星幣(17.41億美元)的綠色債券，票息率為3.04％，上網日期2023年5月17日，檢自: https://www.taiwanembassy.org/sg/post/37958.html中華民國人壽保險商業同業公會，鼓勵保險業辦理新創重點產業投資方案，上網日期2023年6月10日，檢自: https://law.lia-roc.org.tw/Law/Content?lsid=FL086457天下雜誌，台灣人才永續行動聯盟，上網日期2023年5月17日，檢自: https://web.cheers.com.tw/event/talent/index.html方文章(2022)，《總體趨勢篇》 淨零碳排關鍵角色 迎接挑戰 綠色金融引領社會向前，台灣經貿網，上網日期2023年5月10日，檢自: https://info.taiwantrade.com/biznews/%E7%B8%BD%E9%AB%94%E8%B6%A8%E5%8B%A2%E7%AF%87-%E6%B7%A8%E9%9B%B6%E7%A2%B3%E6%8E%92%E9%97%9C%E9%8D%B5%E8%A7%92%E8%89%B2-%E8%BF%8E%E6%8E%A5%E6%8C%91%E6%88%B0-%E7%B6%A0%E8%89%B2%E9%87%91%E8%9E%8D%E5%BC%95%E9%A0%98%E7%A4%BE%E6%9C%83%E5%90%91%E5%89%8D-2513513.html台灣影響力投資協會(2021)，台灣影響力投資概覽2021年第六版，上網日期2023年5月1日，檢自: https://tiia.tw/wp-content/uploads/2021/07/台灣永續與影響力投資概覽v6.pdf台灣人壽(2022)，2021台灣人壽盡職治理與責任投資報告，上網日期2023年5月24日，檢自: https://www.taiwanlife.com/html/ESG/file/Report_2022_G02.pdf台灣人壽(2022)，2021永續報告書，上網日期2023年2月5日，檢自: https://www.taiwanlife.com/html/ESG/file/Report_2021_C06.pdf林祐翠(2020)，金融業永續發展趨勢-以道瓊永續指數領導者為例，存款保險資訊季刊，33(1)，88-108金融監督管理委員會保險局，金管會持續推動保險業辦理六大核心戰略產業投資研訂鼓勵投資方案，上網日期2023年5月8日，檢自: https://www.ib.gov.tw/ch/home.jsp?id=239&parentpath=0,2,238&mcustomize=news_view.jsp&dataserno=202207050004&dtable=News洪秀芬(2019)，保險業ESG之公司治理，保險專刊，35(4)，309-344香港中通社(2022)，香港特區政府首批綠債逾48萬人認購涉逾300億港元，上網日期2023年5月17日，檢自: http://www.hkcna.hk/docDetail.jsp?id=100099572&channel=2813財團法人保險安定基金，111年度報表及填報手冊-壽險，上網日期2023年6月11，檢自: https://www.tigf.org.tw/xmfile?xsmsid=0M160594020434794446國泰私募股權整合傳播部(2019)，國內投信跨足PE Fund 國泰搶頭彩，CSR@天下，上網日期2023年5月1日，檢自: https://csr.cw.com.tw/article/40742國家發展委員會(2022)，國家級投資公司推動進程，上網日期2023年5月18日，檢自: https://ws.ndc.gov.tw/Download.ashx?u=LzAwMS9hZG1pbmlzdHJhdG9yLzEwL3JlbGZpbGUvNTU2Ni84ODIyLzRjZjVmMjBmLWZhZjQtNGE3Yi05YzY2LWFhZDJiYjY0MGRlMi5wZGY%3d&n=5ZyL5a6257Sa5oqV6LOH5YWs5Y%2b45o6o5YuV6YCy5bGV57Ch54mIMTExMDkwNi5wZGY%3d&icon=.pdf國泰人壽(2022)，2021年度責任投資暨盡職治理報告，上網日期2023年5月1日，檢自: https://patron.cathaylife.com.tw/ODAB/Path/DTPDAB17/0ae7290c-b89b-490b-a618-f2ec9c8ba374.pdf國泰人壽(2022)，2021國泰人壽永續報告書，上網日期2023年1月10日，檢自: https://patron.cathaylife.com.tw/ODAB/Path/DTPDAB17/953071ad-3824-4654-9603-d761f9f6ce31.pdf國家發展委員會官方網站，5+2產業創新計劃，上網日期2023年4月10日，檢自: https://www.ndc.gov.tw/Content_List.aspx?n=9D024A4424DC36B9曹悅華(2023)，我國將成立碳交易平台 政院、金管會回應了，中時新聞網，上網日期2023年5月11日，檢自: https://tw.stock.yahoo.com/news/%E6%88%91%E5%9C%8B%E5%B0%87%E6%88%90%E7%AB%8B%E7%A2%B3%E4%BA%A4%E6%98%93%E5%B9%B3%E5%8F%B0-%E6%94%BF%E9%99%A2-%E9%87%91%E7%AE%A1%E6%9C%83%E5%9B%9E%E6%87%89%E4%BA%86-043710882.html黃正忠、林泉興、董育慈(2020)，衝擊投資-有力道的影響力投資，會計研究月刊，(413)，106-113富邦人壽(2022)，2021企業永續報告書，上網日期2022年12月1日，檢自: https://www.fubon.com/life/cms/395F76FD87904FB69870E8F881613B72/2022-06/202206291126392976159577.pdf富邦人壽(2022)，2021盡職治理報告書，上網日期2022年12月1日，檢自: https://www.fubon.com/life/cms/9B5A1EB8874648108396910C053E6375/2022-06/202209271515110547836583.pdf富邦人壽(2022)，2021盡職治理報告書，上網日期2022年12月1日，檢自: https://www.fubon.com/life/cms/9B5A1EB8874648108396910C053E6375/2022-06/202209271515110547836583.pdf楊家彥(2018)，當社會創新遇上影響力投資: 淺談 [公益與影響力投資]，國土及公共治理季刊，6(1)，36-45勤業眾信(2021)，《會計師看時事》金融業設永續長的三個目的，上網日期2023年5月17日，檢自: https://www2.deloitte.com/tw/tc/pages/risk/articles/pr210305-esg-risk-perspectives.html新光人壽(2021)，2020年度盡職治理報告，上網日期2022年12月2日，檢自: https://csr.skl.com.tw/sklife_csr_resource/leap_do/gallery/1664506588672/109%E5%B9%B4%E5%BA%A6%E7%9B%A1%E8%81%B7%E6%B2%BB%E7%90%86%E5%A0%B1%E5%91%8A.pdf新光人壽(2022)，2021企業永續報告書，上網日期2023年2月5日，檢自: https://csr.skl.com.tw/sklife_csr_resource/leap_do/csr_report/2021SKL_CSReport_Ch.pdf新光人壽(2022)，2021年度盡職治理報告，上網日期2023年2月2日，檢自: https://csr.skl.com.tw/sklife_csr_resource/leap_do/gallery/1664529436277/report.pdf二、英文部分Allianz SE(2022). 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國立政治大學
風險管理與保險學系
110358024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110358024 資料類型 thesis dc.contributor.advisor 王儷玲 zh_TW dc.contributor.advisor Wang, Li Ling en_US dc.contributor.author (Authors) 劉存軒 zh_TW dc.contributor.author (Authors) Liou, Cun-Syuan en_US dc.creator (作者) 劉存軒 zh_TW dc.creator (作者) Liou, Cun-Syuan en_US dc.date (日期) 2023 en_US dc.date.accessioned 6-Jul-2023 16:33:07 (UTC+8) - dc.date.available 6-Jul-2023 16:33:07 (UTC+8) - dc.date.issued (上傳時間) 6-Jul-2023 16:33:07 (UTC+8) - dc.identifier (Other Identifiers) G0110358024 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145794 - 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) 110358024 zh_TW dc.description.abstract (摘要) 近年來因氣候變遷、能源短缺、勞動及人權保障等趨勢，使永續議題已成為全球企業所面臨的挑戰，各家公司開始重視環境、社會與公司治理(Environmental, Social and Corporate Governance，以下簡稱 ESG)之風險管理衡量與資訊揭露，並且將ESG融入到公司各方面的決策。而金融保險業於ESG領域的重要性來自於其扮演全球機構投資人中重要的角色，若不重視永續實踐及融入投資決策中，將難以取得所有利害關係人的青睞。本研究以國內外共十家保險業的永續報告書及相關資訊所揭露的內容，分析其永續投資策略及方式，發現國際保險業永續投資負責單位組織層級已提升至委員會，且針對國家及產業皆有負面排除標準設定，並發展自身ESG標的篩選模型使用。此外，在永續發展債券投資方面採用國際認證標準、積極將主題性投資領域多元化，且高度參與影響力投資，重視生物多樣性議題。期望透過本研究了解國外保險業在實施永續責任投資的借鏡之處，可完善台灣保險業對於永續投資的實踐，減少氣候變遷風險對於台灣、全球的影響，實踐保險業的永續責任，發揮機構投資人正面影響力。 zh_TW dc.description.abstract (摘要) In recent years, sustainability issues have become a challenge for companies around the world due to trends such as climate change, energy shortages, and human rights protection. Companies begin to focus on ESG (Environmental, Social and Corporate Governance) risk management measurement, information disclosure, and integrate ESG into corporate decisions. The importance of the financial industry in the ESG field is due to the important role it plays among global institutional investors. If a company does not pay attention to sustainability issues and integrate sustainable into investment decisions, it will be difficult to win the favor of stakeholders.This research analyzes the sustainable investment strategies and approaches of ten domestic and foreign insurance companies based on their sustainability reports and related information. It is found that the organization level of the responsible unit for sustainable investment in the international insurance industry has been upgraded to a committee, and negative exclusion criteria have been set for both countries and industries, and their own ESG screening models have been developed. In addition, they have adopted international certification standards for sustainable bond investments, actively diversified their thematic investment areas, and are highly involved in impact investments, with an emphasis on biodiversity issues.Through this research, we hope to understand how the foreign insurance industry has implemented sustainable and responsible investment, so that we can improve the practice of sustainable investment in Taiwan`s insurance industry, reduce the impact of climate change risks on the world, fulfill the sustainable responsibility of the insurance industry, and bring into play the positive influence of institutional investors. en_US dc.description.tableofcontents 第一章 緒論 10第一節 研究背景與動機 10第二節 研究目的 11第三節 研究方法 11第四節 研究架構 12第二章 文獻回顧 13第一節 全球永續投資發展趨勢 13第二節 PRI與PSI相關規範與簽署現況 18第三節 保險業永續投資相關文獻 20第三章 國際保險業永續投資現況 22第一節 安聯集團(Allianz SE) 22第二節 蘇黎世保險(Zurich) 30第三節 安盛保險(AXA) 36第四節 瑞士再保險(Swiss Re) 46第五節 慕尼黑再保險(Munich Re) 53第六節 小結 56第四章 台灣保險業永續投資現況 66第一節 國泰人壽 67第二節 富邦人壽 72第三節 中國人壽 75第四節 台灣人壽 78第五節 新光人壽 83第六節 小結 86第五章 保險業永續投資策略分析 91第一節 國內外永續投資策略差異 91第二節 台灣保險業永續投資之困境 93第六章 結論與建議 96第一節 研究發現 96第二節 對台灣保險業永續投資策略之建議 96第三節 對台灣政府永續政策之建議 107第四節 未來研究建議 113參考文獻 114 zh_TW dc.format.extent 3868537 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110358024 en_US dc.subject (關鍵詞) 永續投資 zh_TW dc.subject (關鍵詞) 保險業 zh_TW dc.subject (關鍵詞) 影響力投資 zh_TW dc.subject (關鍵詞) 生物多樣性 zh_TW dc.subject (關鍵詞) Sustainable investment en_US dc.subject (關鍵詞) Insurance en_US dc.subject (關鍵詞) Impact investing en_US dc.subject (關鍵詞) Biodiversity en_US dc.title (題名) 保險業永續投資策略之分析 zh_TW dc.title (題名) The Analysis of Sustainable Investment Strategies in Insurance Industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部分中國人壽(2022)，110年中國人壽被投資公司股東會投票結果揭露與議案評估分析，上網日期2023年2月3日，檢自: https://www.chinalife.com.tw/CustomUpload/DownloadServlet?UidAndFileName=caf91920-44ee-48c1-b01b-fe2f195427ae~@@~中國人壽110年股東會投票情形揭露報告.pdf中國人壽(2022)，2021年永續報告書，上網日期2023年2月3日，檢自: https://www.chinalife.com.tw/CustomUpload/DownloadServlet?UidAndFileName=922f0238-09ca-42ef-883a-e674fa6ea6e7~@@~2021_Sustainability_Report_ZH.pdf中國信託金控(2022)，2021中信金控影響力評估試行報告書，上網日期2022年12月15日，檢自: https://www.ctbcholding.com/content/dam/twhoo/file/csr/report/CTBC_Impact_Valuation_Report.pdf中華民國外交部(2022)，新加坡政府將發行總額24億星幣(17.41億美元)的綠色債券，票息率為3.04％，上網日期2023年5月17日，檢自: https://www.taiwanembassy.org/sg/post/37958.html中華民國人壽保險商業同業公會，鼓勵保險業辦理新創重點產業投資方案，上網日期2023年6月10日，檢自: https://law.lia-roc.org.tw/Law/Content?lsid=FL086457天下雜誌，台灣人才永續行動聯盟，上網日期2023年5月17日，檢自: https://web.cheers.com.tw/event/talent/index.html方文章(2022)，《總體趨勢篇》 淨零碳排關鍵角色 迎接挑戰 綠色金融引領社會向前，台灣經貿網，上網日期2023年5月10日，檢自: https://info.taiwantrade.com/biznews/%E7%B8%BD%E9%AB%94%E8%B6%A8%E5%8B%A2%E7%AF%87-%E6%B7%A8%E9%9B%B6%E7%A2%B3%E6%8E%92%E9%97%9C%E9%8D%B5%E8%A7%92%E8%89%B2-%E8%BF%8E%E6%8E%A5%E6%8C%91%E6%88%B0-%E7%B6%A0%E8%89%B2%E9%87%91%E8%9E%8D%E5%BC%95%E9%A0%98%E7%A4%BE%E6%9C%83%E5%90%91%E5%89%8D-2513513.html台灣影響力投資協會(2021)，台灣影響力投資概覽2021年第六版，上網日期2023年5月1日，檢自: https://tiia.tw/wp-content/uploads/2021/07/台灣永續與影響力投資概覽v6.pdf台灣人壽(2022)，2021台灣人壽盡職治理與責任投資報告，上網日期2023年5月24日，檢自: https://www.taiwanlife.com/html/ESG/file/Report_2022_G02.pdf台灣人壽(2022)，2021永續報告書，上網日期2023年2月5日，檢自: https://www.taiwanlife.com/html/ESG/file/Report_2021_C06.pdf林祐翠(2020)，金融業永續發展趨勢-以道瓊永續指數領導者為例，存款保險資訊季刊，33(1)，88-108金融監督管理委員會保險局，金管會持續推動保險業辦理六大核心戰略產業投資研訂鼓勵投資方案，上網日期2023年5月8日，檢自: https://www.ib.gov.tw/ch/home.jsp?id=239&parentpath=0,2,238&mcustomize=news_view.jsp&dataserno=202207050004&dtable=News洪秀芬(2019)，保險業ESG之公司治理，保險專刊，35(4)，309-344香港中通社(2022)，香港特區政府首批綠債逾48萬人認購涉逾300億港元，上網日期2023年5月17日，檢自: http://www.hkcna.hk/docDetail.jsp?id=100099572&channel=2813財團法人保險安定基金，111年度報表及填報手冊-壽險，上網日期2023年6月11，檢自: https://www.tigf.org.tw/xmfile?xsmsid=0M160594020434794446國泰私募股權整合傳播部(2019)，國內投信跨足PE Fund 國泰搶頭彩，CSR@天下，上網日期2023年5月1日，檢自: https://csr.cw.com.tw/article/40742國家發展委員會(2022)，國家級投資公司推動進程，上網日期2023年5月18日，檢自: https://ws.ndc.gov.tw/Download.ashx?u=LzAwMS9hZG1pbmlzdHJhdG9yLzEwL3JlbGZpbGUvNTU2Ni84ODIyLzRjZjVmMjBmLWZhZjQtNGE3Yi05YzY2LWFhZDJiYjY0MGRlMi5wZGY%3d&n=5ZyL5a6257Sa5oqV6LOH5YWs5Y%2b45o6o5YuV6YCy5bGV57Ch54mIMTExMDkwNi5wZGY%3d&icon=.pdf國泰人壽(2022)，2021年度責任投資暨盡職治理報告，上網日期2023年5月1日，檢自: https://patron.cathaylife.com.tw/ODAB/Path/DTPDAB17/0ae7290c-b89b-490b-a618-f2ec9c8ba374.pdf國泰人壽(2022)，2021國泰人壽永續報告書，上網日期2023年1月10日，檢自: https://patron.cathaylife.com.tw/ODAB/Path/DTPDAB17/953071ad-3824-4654-9603-d761f9f6ce31.pdf國家發展委員會官方網站，5+2產業創新計劃，上網日期2023年4月10日，檢自: https://www.ndc.gov.tw/Content_List.aspx?n=9D024A4424DC36B9曹悅華(2023)，我國將成立碳交易平台 政院、金管會回應了，中時新聞網，上網日期2023年5月11日，檢自: https://tw.stock.yahoo.com/news/%E6%88%91%E5%9C%8B%E5%B0%87%E6%88%90%E7%AB%8B%E7%A2%B3%E4%BA%A4%E6%98%93%E5%B9%B3%E5%8F%B0-%E6%94%BF%E9%99%A2-%E9%87%91%E7%AE%A1%E6%9C%83%E5%9B%9E%E6%87%89%E4%BA%86-043710882.html黃正忠、林泉興、董育慈(2020)，衝擊投資-有力道的影響力投資，會計研究月刊，(413)，106-113富邦人壽(2022)，2021企業永續報告書，上網日期2022年12月1日，檢自: https://www.fubon.com/life/cms/395F76FD87904FB69870E8F881613B72/2022-06/202206291126392976159577.pdf富邦人壽(2022)，2021盡職治理報告書，上網日期2022年12月1日，檢自: https://www.fubon.com/life/cms/9B5A1EB8874648108396910C053E6375/2022-06/202209271515110547836583.pdf富邦人壽(2022)，2021盡職治理報告書，上網日期2022年12月1日，檢自: https://www.fubon.com/life/cms/9B5A1EB8874648108396910C053E6375/2022-06/202209271515110547836583.pdf楊家彥(2018)，當社會創新遇上影響力投資: 淺談 [公益與影響力投資]，國土及公共治理季刊，6(1)，36-45勤業眾信(2021)，《會計師看時事》金融業設永續長的三個目的，上網日期2023年5月17日，檢自: https://www2.deloitte.com/tw/tc/pages/risk/articles/pr210305-esg-risk-perspectives.html新光人壽(2021)，2020年度盡職治理報告，上網日期2022年12月2日，檢自: https://csr.skl.com.tw/sklife_csr_resource/leap_do/gallery/1664506588672/109%E5%B9%B4%E5%BA%A6%E7%9B%A1%E8%81%B7%E6%B2%BB%E7%90%86%E5%A0%B1%E5%91%8A.pdf新光人壽(2022)，2021企業永續報告書，上網日期2023年2月5日，檢自: https://csr.skl.com.tw/sklife_csr_resource/leap_do/csr_report/2021SKL_CSReport_Ch.pdf新光人壽(2022)，2021年度盡職治理報告，上網日期2023年2月2日，檢自: https://csr.skl.com.tw/sklife_csr_resource/leap_do/gallery/1664529436277/report.pdf二、英文部分Allianz SE(2022). 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