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題名 綠色基金漂綠現象實證分析
Determinants of Greenwashing in ESG Funds
作者 張晴雯
Chang, Chin-Wen
貢獻者 許永明
張晴雯
Chang, Chin-Wen
關鍵詞 永續投資
綠色基金
漂綠
基金績效表現
Sustainable Investment
ESG Fund
Greenwashing
Fund Performance
日期 2025
上傳時間 4-Aug-2025 13:28:54 (UTC+8)
摘要 隨著ESG永續議題日益重視，在全球掀起永續投資浪潮。然而漂綠議題也隨之產生，投資人無法明確判斷基金是否存在漂綠行為，且各國對綠色基金及永續資訊揭露的相關規範不盡相同，各個ESG評級機構的評分機制也有所差異，導致缺乏全球統一的標準，以上皆可能導致漂綠行為的發生。基於此，本研究旨在探討基金漂綠行為對基金績效表現的影響。 本研究聚焦於臺灣境內基金，其中ESG相關數據皆來自Bloomberg，其餘數據皆來自臺灣經濟新報（TEJ），並透過基金資訊觀測站及Bloomberg所標示判別是否為ESG基金。透過迴歸分析，並依照基金是否為綠色基金、基金類型進行分類，進行獨立樣本t檢驗，檢驗結果發現與文獻結果相似之處。 研究結果顯示基金漂綠嫌疑與超額收益率、基金經理人是否更換、基金費用率等變數有顯著負相關，而與爭議性收入則有顯著正相關，根據信號理論，向外傳遞正面信號對資金吸引力及市場表現有正面影響。透過將樣本依是否為綠色基金進行分類，檢驗結果可發現，永續性收入、基金規模、費用率皆有顯著差異，但超額收益率並不會因為是否為綠色基金而有明顯差異。
With the increasing importance of ESG sustainability issues, sustainable investing has become increasingly popular around the globe. However, the problem of greenwash has also arisen because investors can not determine whether a fund has greenwashing or not, and the regulations on ESG funds and sustainability disclosure differ in every country, as well as the scoring process of various ESG rating agencies, resulting in the lack of a global standard. Therefore, this study focuses on the impact of greenwash on fund performance, especially for ESG funds. The ESG data used are from Bloomberg, and the other data are from TEJ. ESG funds are identified by the TDCC and Bloomberg's labeling. Through regression analysis and categorization according to the types of funds and whether the fund is an ESG fund, the results of the t-test found similarities with the literature results. The regression results show a significant negative correlation between the greenwash index and variables such as excess return, change of fund manager, and fund expense rate. Risk revenue has a significant positive correlation. According to signaling theory, sending out positive signals has a positive impact on cash flow attractiveness and market performance. Then, categorizing the samples according to whether they are green funds or not, the t-test results show significant differences in sustainability income, fund size, and expense ratio. But there is no significant difference in excess return depending on whether they are green funds or not.
參考文獻 蔡貴龍 & 張亞楠 (2023)。基金ESG投資承諾效應—來自公募基金簽署PRI的准自然實驗。經濟研究，(12)，22-40. 張嘉玲（2023）。歐盟永續金融三支箭對推動綠色金融有多「靠譜」？。臺灣經濟研究月刊，46(8)，69-76。 陳建偉（2023）。我國ESG基金商品之優化揭露－由歐美相關規範與揭露內容談起。證券服務，(696)，90-102。 陳宥寧（2024）。企業推動ESG的挑戰：避免「漂綠」的危機。臺灣經濟研究月刊，47(5)，115-122。 高晟晉（2020）。從公司治理3.0談推動永續發展與強化ESG資訊揭露。證券服務，(679)，24-28。 官生平、楊和炳（2023）。全球資本市場ESG報告－ISSB發佈首批永續揭露標準。品質月刊，59(8)，12-20。 劉麗瑜（2023）。ESG指數與商品，掌握永續投資趨勢。證券服務，(695)，11-15。 王憲明、邢姝潔&石浩宇(2025)。基於多因子模型的ESG基金績效評價與啓示。經濟論壇，(02)，144-152。 IFRS S1公報大解密！量化永續揭露強化永續行動力。(2024, March 7)。TEJ。https://www.tejwin.com/insight/ifrs-s1公報大解密！量化永續揭露強化永續行動力/ IFRS S2公報知多少！氣候相關揭露帶你突圍氣候風險泥沼。(2024, March 14)。TEJ。 https://www.tejwin.com/insight/ifrs-s2公報知多少氣候相關揭露帶你突圍氣候風險泥沼/ 葉淑玲 & 陳建偉。(2024, March 15)。借鏡國際＿優化我國ESG基金規範。工商時報。https://www.ctee.com.tw/news/20240315700110-439901 提供永續經濟活動的指引判斷！解析臺灣與歐盟永續分類標準差異。(2024, November 21)。TEJ。https://www.tejwin.com/insight/台與歐盟永續分類標準差異/#臺灣與歐盟的永續分類標準比較 Alda, M. (2020). ESG fund scores in UK SRI and conventional pension funds: Are the ESG concerns of the SRI niche affecting the conventional mainstream?. Finance Research Letters. https://doi.org/10.1016/j.frl.2019.101313. Amer, E. (2015). The Penalization of Non-Communicating UN Global Compact’s Companies by Investors and Its Implications for This Initiative’s Effectiveness. Business & Society, 57(2), 255-291. https://doi.org/10.1177/0007650315609303 (Original work published 2018) Auer, B. R., & Schuhmacher, F. (2016). Do Socially (Ir)Responsible Investments Pay? New Evidence from International ESG Data. The Quarterly Review of Economics and Finance, 59, 51–62. https://doi.org/10.1016/j.qref.2015.07.002 Atz, U., Van Holt, T., Liu, Z. Z., & Bruno, C. C. (2022). Does sustainability generate better financial performance? review, meta-analysis, and propositions. Journal of Sustainable Finance & Investment, 13(1), 802–825. https://doi-org.proxyone.lib.nccu.edu.tw:8443/10.1080/20430795.2022.2106934 Bialkowski, J., Starks, L.T., (2016) SRI Funds: Investor Demand, Exogenous Shocks and ESG Profiles. San Francisco, CA, USA: 2016 BlackRock Research Conference, 6 Jan 2016. Bollen, N. P. B. (2007). Mutual Fund Attributes and Investor Behavior. Journal of Financial and Quantitative Analysis, 42(3), 683–708. doi:10.1017/S0022109000004142 Brandon, R. G., Glossner, S., Krueger, P., Matos, P., & Steffen, T. (2022). Do Responsible Investors Invest Responsibly? Review of Finance, 26(6), 1389–1432. https://doi-org.proxyone.lib.nccu.edu.tw:8443/10.1093/rof/rfac064 Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2010). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39-67. Dikolli, S., Frank, M., Guo, Z., & Lynch, L. (2021). Walk the talk: ESG mutual fund voting on shareholder proposals. Review of Accounting Studies, 27, 864 - 896. https://doi.org/10.1007/s11142-022-09692-2. Dodsworth, C., Bourne, E., Schlich, B., & Kooroshy, J. (2023). Financial, Double, or Dynamic? Theories of ESG Materiality and Practitioner Approaches. , 4, 109 - 131. https://doi.org/10.3905/jesg.2023.1.087. Ehlers, T., Elsenhuber, U., Jegarasasingam, K., & Jondeau, E. (2022). Deconstructing ESG Scores: How to Invest with Your Own Criteria. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4055418. Fisch, J., & Robertson, A. (2023). What’s in a Name? ESG Mutual Funds and the SEC’s Names Rule. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4398419. Gibson, R., Krueger, P., & Mitali, S. F. (2021). The Sustainability Footprint of Institutional Investors: ESG Driven Price Pressure and Performance. Swiss Finance Institute Research Paper, 17(05). http://dx.doi.org/10.2139/ssrn.2918926 Gibson, R., Glossner, S., Krueger, P., Matos, P., & Steffen, T. (2022). Do Responsible Investors Invest Responsibly? Review of Finance, 26(6), 1389-1432. http://dx.doi.org/10.2139/ssrn.3525530 Guidolin, M., & Magnani, M. (2024). Do US Active Mutual Funds Make Good of Their ESG Promises? Evidence from Portfolio Holdings. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4736705. Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. The Journal of Finance, 74(6), 2789-2837. Hasnaoui, A. (2024). ESG Ratings and Investment Performance: Evidence from Tech-Heavy Mutual Funds. Review of Accounting and Finance, 24(1), 59-70. https://doi.org/10.1108/RAF-02-2024-0069 Huang, R., Xie, X., & Zhou, H. (2022). ‘Isomorphic’ behavior of corporate greenwashing. Chinese Journal of Population, Resources and Environment, 20(1), 29–39. https://doi.org/10.1016/j.cjpre.2022.03.004 Janney, J. J., Dess, G., & Forlani, V. (2009). Glass houses? Market reactions to firms joining the UN Global Compact. Journal of Business Ethics, 90(3), 407–423. https://doi.org/10.1007/s10551-009-0052-x Kaustia, M., & Yu, W. (2021). Greenwashing in Mutual Funds. International Political Economy: Investment & Finance eJournal. https://doi.org/10.2139/ssrn.3934004. Kim, S., & Yoon, A. (2022). Analyzing Active Fund Managers' Commitment to ESG: Evidence from the United Nations Principles for Responsible Investment. Manag. Sci., 69, 741-758. https://doi.org/10.1287/mnsc.2022.4394. Liang, H., Sun, L., & Teo, M. (2022). Responsible hedge funds. Review of Finance, 26(6), 1585–1633. https://doi.org/10.1093/rof/rfac028 Li, M., & Melvin, M. (2023). How Useful Is a Prospectus in Identifying Greenwashing versus True ESG Funds?., 4, 109-127. https://doi.org/10.2139/ssrn.4503729. Liu, Q., Luo, X., & Su, M. (2024). Analysis of the "Greenwashing" Phenomenon in the ESG Investment Environment. Highlights in Business, Economics and Management. https://doi.org/10.54097/s5zf4q16. Lyon, T. P., & Maxwell, J. W. (2011). Greenwash: Corporate environmental disclosure under threat of audit. Journal of Economics & Management Strategy, 20(1), 3–41. https://doi.org/10.1111/j.1530-9134.2010.00282.x McLean, L., Diaz‐Rainey, I., Gehricke, S., & Zhang, R. (2022). In Holdings We Trust: Uncovering the ESG Fund Lemons. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4050964. Pfaff, N., & Altun, Ö. (2025, March 25). A time for change in the sustainable fund market – Reflections and recommendations in a new regulatory environment (International Capital Market Association Report). International Capital Market Association. Singhania, M., & Saini, N. (2021). Institutional framework of ESG disclosures: comparative analysis of developed and developing countries. Journal of Sustainable Finance & Investment, 13(1), 516–559. https://doi-org.proxyone.lib.nccu.edu.tw:8443/10.1080/20430795.2021.1964810 Singhania, M., Saini, N., Shri, C. and Bhatia, S. (2024), "Cross-country comparative trend analysis in ESG regulatory framework across developed and developing nations", Management of Environmental Quality, Vol. 35 No. 1, pp. 61-100. https://doi-org.proxyone.lib.nccu.edu.tw:8443/10.1108/MEQ-02-2023-0056 Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010 Steen, M., Moussawi, J. T., & Gjolberg, O. (2019). Is there a relationship between Morningstar’s ESG ratings and mutual fund performance? Journal of Sustainable Finance & Investment, 10(4), 349–370. https://doi-org.proxyone.lib.nccu.edu.tw:8443/10.1080/20430795.2019.1700065 Starks, L. t., Venkat, P., & Zhu, Q. (2017). Corporate ESG Profiles and Investor Horizons. Working Paper. http://dx.doi.org/10.2139/ssrn.3049943 Sun Yutong, Jiang Shangrong & Wang Shouyang. (2024). Contagious greenwashing investment.China Finance Review International (2), 201-227. APAC ESG Update | Winter Quarter 2023–24. (2024, February). Jones Day. https://www.jonesday.com/zh-hant/insights/2024/02/apac-esg-update-winter-quarter-202324 Global Sustainable Investment Alliance. (2021). Global Sustainable Investment Review 2020. https://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf Gensler, C. G. (2023, September 20). Statement on Updates to the Names Rule. U.S. Securities and Exchange Commission. https://www.sec.gov/newsroom/speeches-statements/gensler-statement-names-rule-092023 S&P Global. (February 23, 2024). Comparison of the effect of the S&P 500 ESG and S&P 500 indices between February 2021 and February 2024 (in standardized index points). In Statista. Retrieved March 25, 2025, from https://www-statista-com.proxyone.lib.nccu.edu.tw:8443/statistics/1269643/s-p-500-esg-normal-index-comparison/ United Nations Global Compact. (2004). Who cares wins: Connecting financial markets to a changing world. https://www.unglobalcompact.org/docs/issues_doc/Financial_markets/who_cares_who_wins.pdf UN Global Compact. (2022, September 22). The ten principles. https://www.unglobalcompact.org/what-is-gc/mission/principles
描述 碩士
國立政治大學
國際金融碩士學位學程
112ZB1034
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112ZB1034
資料類型 thesis
dc.contributor.advisor 許永明zh_TW
dc.contributor.author (Authors) 張晴雯zh_TW
dc.contributor.author (Authors) Chang, Chin-Wenen_US
dc.creator (作者) 張晴雯zh_TW
dc.creator (作者) Chang, Chin-Wenen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 13:28:54 (UTC+8)-
dc.date.available 4-Aug-2025 13:28:54 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 13:28:54 (UTC+8)-
dc.identifier (Other Identifiers) G0112ZB1034en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158380-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 112ZB1034zh_TW
dc.description.abstract (摘要) 隨著ESG永續議題日益重視，在全球掀起永續投資浪潮。然而漂綠議題也隨之產生，投資人無法明確判斷基金是否存在漂綠行為，且各國對綠色基金及永續資訊揭露的相關規範不盡相同，各個ESG評級機構的評分機制也有所差異，導致缺乏全球統一的標準，以上皆可能導致漂綠行為的發生。基於此，本研究旨在探討基金漂綠行為對基金績效表現的影響。 本研究聚焦於臺灣境內基金，其中ESG相關數據皆來自Bloomberg，其餘數據皆來自臺灣經濟新報（TEJ），並透過基金資訊觀測站及Bloomberg所標示判別是否為ESG基金。透過迴歸分析，並依照基金是否為綠色基金、基金類型進行分類，進行獨立樣本t檢驗，檢驗結果發現與文獻結果相似之處。 研究結果顯示基金漂綠嫌疑與超額收益率、基金經理人是否更換、基金費用率等變數有顯著負相關，而與爭議性收入則有顯著正相關，根據信號理論，向外傳遞正面信號對資金吸引力及市場表現有正面影響。透過將樣本依是否為綠色基金進行分類，檢驗結果可發現，永續性收入、基金規模、費用率皆有顯著差異，但超額收益率並不會因為是否為綠色基金而有明顯差異。zh_TW
dc.description.abstract (摘要) With the increasing importance of ESG sustainability issues, sustainable investing has become increasingly popular around the globe. However, the problem of greenwash has also arisen because investors can not determine whether a fund has greenwashing or not, and the regulations on ESG funds and sustainability disclosure differ in every country, as well as the scoring process of various ESG rating agencies, resulting in the lack of a global standard. Therefore, this study focuses on the impact of greenwash on fund performance, especially for ESG funds. The ESG data used are from Bloomberg, and the other data are from TEJ. ESG funds are identified by the TDCC and Bloomberg's labeling. Through regression analysis and categorization according to the types of funds and whether the fund is an ESG fund, the results of the t-test found similarities with the literature results. The regression results show a significant negative correlation between the greenwash index and variables such as excess return, change of fund manager, and fund expense rate. Risk revenue has a significant positive correlation. According to signaling theory, sending out positive signals has a positive impact on cash flow attractiveness and market performance. Then, categorizing the samples according to whether they are green funds or not, the t-test results show significant differences in sustainability income, fund size, and expense ratio. But there is no significant difference in excess return depending on whether they are green funds or not.en_US
dc.description.tableofcontents 摘要 i Abstract ii 第一章 緒論 1 第一節 研究背景 1 第二節 研究目的 4 第三節 研究貢獻 6 第二章 制度背景 7 第一節 外國制度 7 第二節 臺灣制度 12 第三章 文獻回顧 14 第一節 基金漂綠現象 14 第二節 ESG標籤 16 第三節 ESG治理規範 22 第四章 研究方法與設計 25 第一節 模型設計 25 第二節 數據來源與樣本範圍 29 第五章 實證結果與分析 30 第一節 描述性分析 30 第二節 相關性分析 31 第三節 迴歸分析 33 第四節 獨立樣本t檢驗 36 第六章 結論 39 第一節 研究結論 39 第二節 研究限制 40 第三節 研究建議 40 參考文獻 43zh_TW
dc.format.extent 1767693 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112ZB1034en_US
dc.subject (關鍵詞) 永續投資zh_TW
dc.subject (關鍵詞) 綠色基金zh_TW
dc.subject (關鍵詞) 漂綠zh_TW
dc.subject (關鍵詞) 基金績效表現zh_TW
dc.subject (關鍵詞) Sustainable Investmenten_US
dc.subject (關鍵詞) ESG Funden_US
dc.subject (關鍵詞) Greenwashingen_US
dc.subject (關鍵詞) Fund Performanceen_US
dc.title (題名) 綠色基金漂綠現象實證分析zh_TW
dc.title (題名) Determinants of Greenwashing in ESG Fundsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 蔡貴龍 & 張亞楠 (2023)。基金ESG投資承諾效應—來自公募基金簽署PRI的准自然實驗。經濟研究，(12)，22-40. 張嘉玲（2023）。歐盟永續金融三支箭對推動綠色金融有多「靠譜」？。臺灣經濟研究月刊，46(8)，69-76。 陳建偉（2023）。我國ESG基金商品之優化揭露－由歐美相關規範與揭露內容談起。證券服務，(696)，90-102。 陳宥寧（2024）。企業推動ESG的挑戰：避免「漂綠」的危機。臺灣經濟研究月刊，47(5)，115-122。 高晟晉（2020）。從公司治理3.0談推動永續發展與強化ESG資訊揭露。證券服務，(679)，24-28。 官生平、楊和炳（2023）。全球資本市場ESG報告－ISSB發佈首批永續揭露標準。品質月刊，59(8)，12-20。 劉麗瑜（2023）。ESG指數與商品，掌握永續投資趨勢。證券服務，(695)，11-15。 王憲明、邢姝潔&石浩宇(2025)。基於多因子模型的ESG基金績效評價與啓示。經濟論壇，(02)，144-152。 IFRS S1公報大解密！量化永續揭露強化永續行動力。(2024, March 7)。TEJ。https://www.tejwin.com/insight/ifrs-s1公報大解密！量化永續揭露強化永續行動力/ IFRS S2公報知多少！氣候相關揭露帶你突圍氣候風險泥沼。(2024, March 14)。TEJ。 https://www.tejwin.com/insight/ifrs-s2公報知多少氣候相關揭露帶你突圍氣候風險泥沼/ 葉淑玲 & 陳建偉。(2024, March 15)。借鏡國際＿優化我國ESG基金規範。工商時報。https://www.ctee.com.tw/news/20240315700110-439901 提供永續經濟活動的指引判斷！解析臺灣與歐盟永續分類標準差異。(2024, November 21)。TEJ。https://www.tejwin.com/insight/台與歐盟永續分類標準差異/#臺灣與歐盟的永續分類標準比較 Alda, M. (2020). ESG fund scores in UK SRI and conventional pension funds: Are the ESG concerns of the SRI niche affecting the conventional mainstream?. Finance Research Letters. https://doi.org/10.1016/j.frl.2019.101313. Amer, E. (2015). The Penalization of Non-Communicating UN Global Compact’s Companies by Investors and Its Implications for This Initiative’s Effectiveness. Business & Society, 57(2), 255-291. https://doi.org/10.1177/0007650315609303 (Original work published 2018) Auer, B. R., & Schuhmacher, F. (2016). Do Socially (Ir)Responsible Investments Pay? New Evidence from International ESG Data. The Quarterly Review of Economics and Finance, 59, 51–62. https://doi.org/10.1016/j.qref.2015.07.002 Atz, U., Van Holt, T., Liu, Z. Z., & Bruno, C. C. (2022). Does sustainability generate better financial performance? review, meta-analysis, and propositions. 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