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題名 ESG分數對美國不動產相關產業價值之影響
The Impact of ESG Score on the Value of US Real Estate Industries作者 蔡喬羽
Tsai, Chiao-Yu貢獻者 林左裕
Lin, Tso-Yu
蔡喬羽
Tsai, Chiao-Yu關鍵詞 ESG（環境、社會和公司治理）
不動產投資
永續發展
公司價值
ESG(Environmental, Social and Governance)
Real estate investment
Sustainable development
Firm value日期 2023 上傳時間 4-Oct-2024 10:45:01 (UTC+8) 摘要 本研究旨在探討ESG對不動產相關產業價值的影響。以不動產開發與管理、建築業以及建築材料生產商三個不動產相關產業為標的，以Bloomberg ESG揭露分數作為ESG執行的指標，同時考慮其他總體經濟因素和公司個別特徵，透過複迴歸模型分析2015年1月至2021年12月期間這些因素對美國不動產相關產業價值的影響。 實證結果顯示，ESG分數對公司股票的年成交量加權平均價格產生正面影響，表示ESG資訊揭露得愈完整，對公司股價有正面效應，提高公司的長期價值，投資者可以透過ESG分數篩選出體質較健康的公司。 ESG表現優良的公司能降低成本、提升獲利能力，增加投資者和利益相關者對企業的信任，維護企業形象，降低爭訟風險，對企業價值帶來正面影響。又不動產行業碳排放量占都市碳排放最大比例，屬於高碳排放和高環境風險的標的。因此在投資不動產時，投資者應考慮其環境風險，將ESG因素納入投資決策，以有效應對環境和社會衝擊。 本研究提供投資者了解實施ESG對不動產行業的影響，作為投資決策之參考，有助收穫長期投資效益並發揮投資影響力。建議政府於制定相關風險管理策略時強調不動產行業在減碳、ESG和永續發展方面的重要性，監督並引導不動產相關產業的ESG揭露和減排行動，更有效實現淨零排放目標。
This study aims to investigate the impact of ESG (Environmental, Social, and Governance) on the value of real estate-related industries. It focuses on three sectors: real estate development and management, the construction industry, and construction materials manufacturers. Using Bloomberg ESG disclosure scores as an indicator of ESG performance, the study considers other macroeconomic factors and company-specific characteristics. Through a multiple regression model, it analyzes the effects of these factors on the value of the U.S. real estate-related industries from January 2015 to December 2021. The empirical results show that ESG scores have a positive impact on the annual volume-weighted average price of company stocks. This indicates that more comprehensive ESG disclosure has a positive effect on stock prices, enhancing long-term company value. Investors can use ESG scores to identify financially healthier companies. Companies with strong ESG performance can lower costs, improve profitability, increase investor and stakeholder trust, maintain corporate image, and reduce litigation risks, thus positively impacting company value. Additionally, the real estate sector accounts for the largest proportion of urban carbon emissions and is associated with high carbon emissions and environmental risks. Therefore, when investing in real estate, investors should consider environmental risks and incorporate ESG factors into their investment decisions to effectively address environmental and social impacts. This study provides investors with insights into the effects of implementing ESG in the real estate sector, serving as a reference for investment decisions and helping to achieve long-term investment benefits and exert investment influence. It is recommended that governments emphasize the importance of carbon reduction, ESG, and sustainable development in the real estate industry when formulating related risk management strategies, and to supervise and guide ESG disclosure and emission reduction actions in real estate-related industries to effectively achieve net-zero emission goals.參考文獻 (一) 中文專書 1. 林左裕，2022，『不動產投資管理』，臺北:智勝文化。 (二) 中文碩博士論文 1. 邱逸芬，2012，「不動產投資信託與直接不動產投資關係之探討」，國立政治大學2. 地政學系碩士論文。 3. 許健興，2006，「不動產信託投資規避通貨膨脹風險之研究」，淡江大學財務金融學系碩士在職專班論文。 4. 詹健宗，2008，「不動產投資信託的影響因素—以美加為例」， 財務金融學系碩士論文。 (三) 英文文獻 1. Al Qaisi, F., Tahtamouni, A., & Al-Qudah, M., 2016, “Factors Affecting the Market Stock Price - The Case of the Insurance Companies Listed in Amman Stock Exchange”, International Journal of Business and Social Science, 7(10): 81-90. 2. Alareeni, B. A., & Hamdan, A., 2020, “ESG Impact on Performance of US S&P 500-listed Firms”, Corporate Governance: The International Journal of Business in Society. 3. Aleem, I., 1990, “Imperfect Information, Screening, and the Costs of Informal Lending: A Study of a Rural Credit Market in Pakistan”, World Bank Economic Review, 4(3): 329–349. 4. Barko, T.; Cremers, M.; Renneboog, L., 2018, “Shareholder Engagement on Environmental, Social, and Governance Performance”. 5. Bauer, R.; Eichholtz, P.; Kok, N.,2010, “Corporate Governance and Performance: The REIT Effect, Real Estate Econ, 38: 1–29. 6. Brzeszczyński, J., & McIntosh, G., 2014, “Performance of SRI Portfolios in the UK Stock Market”. J. Bus. Ethics, 120, 335-362. 7. Conover, C. M., Jensen, G. R., & Johnson, R. R. ,1999, “Monetary Environments and International Stock Returns” Journal of Banking & Finance, 23(9): 1357-1381. 8. Cajias, M., Fuerst, F., McAllister, P., & Nanda, A., 2014, “Do Responsible Real Estate Companies Outperform Their Peers?. International Journal of Strategic Property Management, 18(1): 11-27. 9. Cannon, S., & Vogt, S., 1995, “REITs and Their Management: an Analysis of Organizational Structure, Performance and Management Compensation”, Journal of Real Estate Research, 10(3): 297-317. 10. Chan, L. K., Hamao, Y., & Lakonishok, J.,1991, “Fundamentals and Stock Returns in Japan”, The journal of finance, 46(5): 1739-1764. 11. Chen, Z., & Xie, G., 2022, “ESG Disclosure and Financial Performance: Moderating Role of ESG Investors”, International Review of Financial Analysis, 83: 102-291. 12. Chun, G. H., Sa-Aadu, J., & Shilling, J. D., 2004, “The Role of Real Estate in an Institutional Investor's Portfolio Revisited”, The Journal of Real Estate Finance and Economics, 29(3): 295-320. 13. Clark, G. L., Feiner, A., & Viehs, M., 2015, “From the Stockholder to the Stakeholder: How Sustainability can Drive Financial Outperformance” Available at SSRN 2508281. 14. Cohen, V., & Burinskas, A., 2020, “The Evaluation of the Impact of Macroeconomic Indicators on the Performance of Listed Real Estate Companies and REITs” Ekonomika, 99(1): 79-92. 15. Guenster, N., Bauer, R., Derwall, J., & Koedijk, K., 2011, “The Economic Value of Corporate Eco‐Efficiency” European financial management, 17(4): 679-704. 16. Do, V., Nguyen, T. H., Truong, C., & Vu, T., 2020, “Is Drought Risk Priced in Private Debt Contracts?” International Review of Finance. 17. Fatemi, A., Glaum, M., & Kaiser, S., 2018, “ESG Performance and Firm Value: The Moderating Role of Disclosure” Global finance journal, 38: 45-64. 18. Ferrell, A., Liang, H., & Renneboog, L., 2016, “Socially Responsible Firms” Journal of financial economics, 122(3): 585-606. 19. Gautam, R., 2017, “Impact of Firm Specific Variables on Stock Price Volatility and Stock Returns of Nepalese Commercial Banks”, SAARJ Journal on Banking & Insurance Research, 6(6): 10-27. 20. Gitman, L. J., Juchau, R., & Flanagan, J., 2015, “Principles of Managerial Finance” Pearson Higher Education AU. 21. Gursida, H., 2017, “The Influence of Fundamental and Macroeconomic Analysis on Stock Price”, Jurnal Terapan Manajemen dan Bisnis, 3(2): 222-234. 22. Hardin, G., 1968, “Tragedy of the Commons”, Science 162, 1243–8. 23. Hardouvelis, G. A., 1987, “Macroeconomic Information and Stock Prices”, Journal of economics and business, 39(2): 131-140. 24. Hartzell, J. C., Sun, L., & Titman, S., 2006, “The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts”, Real Estate Economics, 34(3): 343-376. 25. Ionașcu, E., Mironiuc, M., Anghel, I., & Huian, M. C., 2020, “The Involvement of Real Estate Companies in Sustainable Development—An Analysis from the SDGs Reporting Perspective”, Sustainability, 12(3): 798. 26. Ligocká, M., Pražák, T., & Stavárek, D., 2016, “The Effect of Macroeconomic Factors on Stock Prices of Swiss Real Estate Companies”, Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 64(6): 2015-2024. 27. Liow, K. H., 2010, “Firm Value, Growth, Profitability and Capital structure of Listed Real Estate Companies: An International Perspective”, Journal of Property Research, 27(2): 119-146. 28. Maharditya, M. A., Layyinaturrobaniyah, L., & Anwar, M., 2018, “Implication of Macroeconomic Factors to Stock Returns of Indonesian Property and Real Estate Companies”, JDM (Jurnal Dinamika Manajemen), 9(1): 100-113. 29. Maina, G. K.,2021, “Effect of Macroeconomic Shocks on REITs Returns”, Strathmore University 30. Mariani, M., Amoruso, P., Caragnano, A., & Zito, M., 2018, “Green Real Estate: does it Create Value? Financial and sustainability analysis on European green REITs”, Int. J. Bus. Manag, 13: 80-92. 31. Morawski, J., Rehkugler, H., & Füss, R., 2008, “The Nature of Listed Real Estate Companies: Property or Equity Market?”, Financial Markets and Portfolio Management, 22: 101-126. 32. Ostrom, E., 2008, “Tragedy of the Commons” The new palgrave dictionary of economics, 2, 1-4. 33. Quy, V. T., & Loi, D. T. N., 2016, “Macroeconomic Factors and Stock Prices–A Case of Real Estate Stocks on Ho Chi Minh Stock Exchange”, Ho Chi Minh City Open University Journal of Science-Economics and Business Administration, 6(1): 63-75. 34. Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M., 2021, “Extending the Benefits of ESG Disclosure: The Effect on The Cost of Debt Financing.” Corporate Social Responsibility and Environmental Management, 28(4): 1412-1421. 35. Romus, M., Anita, R., Abdillah, M. R., & Zakaria, N. B., 2020, “Selected Firms Environmental Variables: Macroeconomic Variables, Performance and Dividend Policy Analysis”, In IOP Conference Series: Earth and Environmental Science 469 (1) : 012-047. 36. Safitri, I. R., & Kumar, S., 2014, “The Impact of Interest Rates, Inflation, Exchange Rates and GDP on Stock Price Index of Plantation Sector: Empirical Analysis on Bei in the Year of 2008–2012”, Full Paper Proceeding TMBER, 1: 55-61. 37. Sandberg, J., 2015, “What’s Wrong with Exorbitant Interest Rates on Microloans?”, In Microfinance, Rights and Global Justice. 38. Sapienza, P., 2004, “The Effects of Government Ownership on Bank Lending”, Journal of Financial Economics, 72(2): 357–384. 39. Sherer Jr., R. D., Bronson, J. D., Teter, C. J., & Wykoff, R. F., 2004, “Microeconomic Loans and Health Education to Families in Impoverished Communities: Implications for The HIV Pandemic”, Journal of the International Association of Physicians in AIDS Care, 3(4): 110–114. 40. Stenning, P. C., & Shearing, C. D.,1 984, “Corporate Justice: Some Preliminary Thoughts”, Australian & New Zealand Journal of Criminology, 17(2): 79–86. 41. Torre, M.L.; Mango, F.; Cafaro, A.; Leo, S., 2020, “Does the ESG Index Affect Stock Return? Evidence from the Eurostoxx50”, Sustainability 12: 63-87. (四)其他 1. The 2030 Agenda for Sustainable Development. (2015, September). United Nations. 2. The Equator Principles Association.（2020）. The Equator Principles-EP4（The Fourth Iteration of the EP） 3. The Equator Principles Association.（2022）. Members & Reporting 4. The Global Risks Report 2023. （2023, January）. World Economic Forum. 5. The Global Risks Report 2022. （2022, January）. World Economic Forum. 描述 碩士
國立政治大學
地政學系
110257024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110257024 資料類型 thesis dc.contributor.advisor 林左裕 zh_TW dc.contributor.advisor Lin, Tso-Yu en_US dc.contributor.author (Authors) 蔡喬羽 zh_TW dc.contributor.author (Authors) Tsai, Chiao-Yu en_US dc.creator (作者) 蔡喬羽 zh_TW dc.creator (作者) Tsai, Chiao-Yu en_US dc.date (日期) 2023 en_US dc.date.accessioned 4-Oct-2024 10:45:01 (UTC+8) - dc.date.available 4-Oct-2024 10:45:01 (UTC+8) - dc.date.issued (上傳時間) 4-Oct-2024 10:45:01 (UTC+8) - dc.identifier (Other Identifiers) G0110257024 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153913 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 地政學系 zh_TW dc.description (描述) 110257024 zh_TW dc.description.abstract (摘要) 本研究旨在探討ESG對不動產相關產業價值的影響。以不動產開發與管理、建築業以及建築材料生產商三個不動產相關產業為標的，以Bloomberg ESG揭露分數作為ESG執行的指標，同時考慮其他總體經濟因素和公司個別特徵，透過複迴歸模型分析2015年1月至2021年12月期間這些因素對美國不動產相關產業價值的影響。 實證結果顯示，ESG分數對公司股票的年成交量加權平均價格產生正面影響，表示ESG資訊揭露得愈完整，對公司股價有正面效應，提高公司的長期價值，投資者可以透過ESG分數篩選出體質較健康的公司。 ESG表現優良的公司能降低成本、提升獲利能力，增加投資者和利益相關者對企業的信任，維護企業形象，降低爭訟風險，對企業價值帶來正面影響。又不動產行業碳排放量占都市碳排放最大比例，屬於高碳排放和高環境風險的標的。因此在投資不動產時，投資者應考慮其環境風險，將ESG因素納入投資決策，以有效應對環境和社會衝擊。 本研究提供投資者了解實施ESG對不動產行業的影響，作為投資決策之參考，有助收穫長期投資效益並發揮投資影響力。建議政府於制定相關風險管理策略時強調不動產行業在減碳、ESG和永續發展方面的重要性，監督並引導不動產相關產業的ESG揭露和減排行動，更有效實現淨零排放目標。 zh_TW dc.description.abstract (摘要) This study aims to investigate the impact of ESG (Environmental, Social, and Governance) on the value of real estate-related industries. It focuses on three sectors: real estate development and management, the construction industry, and construction materials manufacturers. Using Bloomberg ESG disclosure scores as an indicator of ESG performance, the study considers other macroeconomic factors and company-specific characteristics. Through a multiple regression model, it analyzes the effects of these factors on the value of the U.S. real estate-related industries from January 2015 to December 2021. The empirical results show that ESG scores have a positive impact on the annual volume-weighted average price of company stocks. This indicates that more comprehensive ESG disclosure has a positive effect on stock prices, enhancing long-term company value. Investors can use ESG scores to identify financially healthier companies. Companies with strong ESG performance can lower costs, improve profitability, increase investor and stakeholder trust, maintain corporate image, and reduce litigation risks, thus positively impacting company value. Additionally, the real estate sector accounts for the largest proportion of urban carbon emissions and is associated with high carbon emissions and environmental risks. Therefore, when investing in real estate, investors should consider environmental risks and incorporate ESG factors into their investment decisions to effectively address environmental and social impacts. This study provides investors with insights into the effects of implementing ESG in the real estate sector, serving as a reference for investment decisions and helping to achieve long-term investment benefits and exert investment influence. It is recommended that governments emphasize the importance of carbon reduction, ESG, and sustainable development in the real estate industry when formulating related risk management strategies, and to supervise and guide ESG disclosure and emission reduction actions in real estate-related industries to effectively achieve net-zero emission goals. en_US dc.description.tableofcontents 目錄 I 圖目錄 II 表目錄 III 第一章 緒論 1 第一節 研究背景、動機與目的 1 第二節 研究範圍與研究方法 6 第三節 研究架構與流程 8 第二章 文獻回顧 11 第一節 理論基礎 11 第二節 ESG永續投資 17 第三節 影響不動產業的總體經濟因素與公司個別因素 22 第四節 小結 27 第三章 研究設計與資料處理 29 第一節 研究設計 29 第二節 實證模型建立 30 第三節 資料說明與變數選取 32 第四節 敘述性統計 38 第四章 實證分析 41 第一節 皮爾森相關係數檢定 41 第二節 複迴歸模型結果 43 第三節 殘差檢定 45 第四節 Robust Standard Error分析與結果 49 第五節 公司股價等因素對ESG揭露分數之影響 52 第五章 結論與政策建議 57 第一節 結論 57 第二節 政策建議 60 參考文獻 63 zh_TW dc.format.extent 1514124 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110257024 en_US dc.subject (關鍵詞) ESG（環境、社會和公司治理） zh_TW dc.subject (關鍵詞) 不動產投資 zh_TW dc.subject (關鍵詞) 永續發展 zh_TW dc.subject (關鍵詞) 公司價值 zh_TW dc.subject (關鍵詞) ESG(Environmental, Social and Governance) en_US dc.subject (關鍵詞) Real estate investment en_US dc.subject (關鍵詞) Sustainable development en_US dc.subject (關鍵詞) Firm value en_US dc.title (題名) ESG分數對美國不動產相關產業價值之影響 zh_TW dc.title (題名) The Impact of ESG Score on the Value of US Real Estate Industries en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) (一) 中文專書 1. 林左裕，2022，『不動產投資管理』，臺北:智勝文化。 (二) 中文碩博士論文 1. 邱逸芬，2012，「不動產投資信託與直接不動產投資關係之探討」，國立政治大學2. 地政學系碩士論文。 3. 許健興，2006，「不動產信託投資規避通貨膨脹風險之研究」，淡江大學財務金融學系碩士在職專班論文。 4. 詹健宗，2008，「不動產投資信託的影響因素—以美加為例」， 財務金融學系碩士論文。 (三) 英文文獻 1. Al Qaisi, F., Tahtamouni, A., & Al-Qudah, M., 2016, “Factors Affecting the Market Stock Price - The Case of the Insurance Companies Listed in Amman Stock Exchange”, International Journal of Business and Social Science, 7(10): 81-90. 2. Alareeni, B. A., & Hamdan, A., 2020, “ESG Impact on Performance of US S&P 500-listed Firms”, Corporate Governance: The International Journal of Business in Society. 3. Aleem, I., 1990, “Imperfect Information, Screening, and the Costs of Informal Lending: A Study of a Rural Credit Market in Pakistan”, World Bank Economic Review, 4(3): 329–349. 4. Barko, T.; Cremers, M.; Renneboog, L., 2018, “Shareholder Engagement on Environmental, Social, and Governance Performance”. 5. Bauer, R.; Eichholtz, P.; Kok, N.,2010, “Corporate Governance and Performance: The REIT Effect, Real Estate Econ, 38: 1–29. 6. Brzeszczyński, J., & McIntosh, G., 2014, “Performance of SRI Portfolios in the UK Stock Market”. J. Bus. Ethics, 120, 335-362. 7. Conover, C. M., Jensen, G. R., & Johnson, R. R. ,1999, “Monetary Environments and International Stock Returns” Journal of Banking & Finance, 23(9): 1357-1381. 8. Cajias, M., Fuerst, F., McAllister, P., & Nanda, A., 2014, “Do Responsible Real Estate Companies Outperform Their Peers?. International Journal of Strategic Property Management, 18(1): 11-27. 9. Cannon, S., & Vogt, S., 1995, “REITs and Their Management: an Analysis of Organizational Structure, Performance and Management Compensation”, Journal of Real Estate Research, 10(3): 297-317. 10. Chan, L. K., Hamao, Y., & Lakonishok, J.,1991, “Fundamentals and Stock Returns in Japan”, The journal of finance, 46(5): 1739-1764. 11. Chen, Z., & Xie, G., 2022, “ESG Disclosure and Financial Performance: Moderating Role of ESG Investors”, International Review of Financial Analysis, 83: 102-291. 12. Chun, G. H., Sa-Aadu, J., & Shilling, J. D., 2004, “The Role of Real Estate in an Institutional Investor's Portfolio Revisited”, The Journal of Real Estate Finance and Economics, 29(3): 295-320. 13. Clark, G. L., Feiner, A., & Viehs, M., 2015, “From the Stockholder to the Stakeholder: How Sustainability can Drive Financial Outperformance” Available at SSRN 2508281. 14. Cohen, V., & Burinskas, A., 2020, “The Evaluation of the Impact of Macroeconomic Indicators on the Performance of Listed Real Estate Companies and REITs” Ekonomika, 99(1): 79-92. 15. Guenster, N., Bauer, R., Derwall, J., & Koedijk, K., 2011, “The Economic Value of Corporate Eco‐Efficiency” European financial management, 17(4): 679-704. 16. Do, V., Nguyen, T. H., Truong, C., & Vu, T., 2020, “Is Drought Risk Priced in Private Debt Contracts?” International Review of Finance. 17. Fatemi, A., Glaum, M., & Kaiser, S., 2018, “ESG Performance and Firm Value: The Moderating Role of Disclosure” Global finance journal, 38: 45-64. 18. 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