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題名 ESG評分及其不一致性對於美國投資者類型之影響
The Impact of ESG Scores and Inconsistency on Types of U.S. Investors
作者 賴瑩恬
Lai, Ying-Tian
貢獻者 楊曉文
Yang, Sheau-Wen
賴瑩恬
Lai, Ying-Tian
關鍵詞 投資者類型
持股比例
ESG評級
ESG評級不一致
Investor Type
Ownership Share
ESG rating
ESG rating uncertainty
日期 2025
上傳時間 4-Aug-2025 14:32:55 (UTC+8)
摘要 過去十餘年，氣候變遷、社會責任與公司治理議題的熱度持續升溫，促使全球資本市場迅速將永續衡量指標導入投資決策流程。ESG 評級因此成為資產管理人設定風險權重與資產配置的重要依據，亦為企業用以彰顯長期價值與利害關係人溝通的核心語言。 本研究以 2014 年至 2021 年之美國上市公司為樣本，整合 MSCI、S&P Global 與 Refinitiv 三家評級機構所揭露之 ESG 分數，檢驗 ESG 整體評級水準及評級不一致性對本國投資人、外國投資人與機構投資人持股比例之影響。研究共取得 7,725 筆公司，並採多元線性迴歸，控制產業與年度固定效果，以及公司規模、Tobin’s Q、有形資產比率、ROA 與負債比等財務特徵，並以 White 穩健標準誤修正異質變異數。 實證結果顯示，較高的 ESG 整體評級能顯著吸引外國投資人與機構投資人，然對本國投資人持股比例則呈負相關；評級不一致性本身僅對機構投資人呈顯著正向關係，且在評級分歧程度較高時，ESG 高評級對機構投資人更具吸引力。研究結果揭示不同類型的投資者在永續資訊解讀上的差異，並顯示評級差異不僅未削弱機構投資人對 ESG 的需求，反而增強其對相關資訊之依賴。
Over the past decade, climate change, social responsibility, and corporate governance have gained importance in global capital markets, driving the use of ESG ratings in investment decisions. ESG ratings now serve as essential benchmarks for asset managers and communication tools for companies. This study analyzes US-listed companies from 2014 to 2021, using ESG scores from MSCI, S&P Global, and Refinitiv to assess how overall ESG ratings and rating inconsistency affect domestic, foreign, and institutional ownership. The sample includes 7,725 firm-year observations, analyzed with multiple linear regression and controls for industry, year, and key financial characteristics. White’s robust standard errors address heteroskedasticity. Results show that higher ESG ratings attract foreign and institutional investors but are negatively related to domestic investor ownership. Rating inconsistency positively affects only institutional investors. Moreover, greater rating divergence strengthens the appeal of high ESG ratings for institutional investors. The findings highlight differences in investor interpretation of ESG information and show that rating divergence boosts institutional demand for ESG data.
參考文獻 Avramov, D., Cheng, S., Lioui, A., & Tarelli, A. (2022). Sustainable investing with ESG rating uncertainty. Journal of Financial Economics, 145(2), 642-664. Berg, F., Koelbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315-1344. Cheng, S., & Huang, S. (2024). ESG combined score effects on stock performance of S&P 500-listed firms. Finance Research Letters, 66, 105686. Christensen, D. M., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147-175. Dyck, A., Lins, K.V., Roth, L., Wagner, H.F., 2019. Do institutional investors drive corporate social responsibility? International evidence. J. Financ. Econ. 131 (3), 693–714. Gibson Brandon, R., Krueger, P., & Schmidt, P. S. (2021). ESG rating disagreement and stock returns. Financial Analysts Journal, 77(4), 104-127. 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. Hao, P., Alharbi, S. S., Hunjra, A. I., & Zhao, S. (2025). How do ESG ratings promote digital technology innovation? International Review of Financial Analysis, 97, 103886. Liang, J., Zhang, Y., & Li, Y. (2024). The role of ESG scores in ESG fund performance and institutional investor selection. Finance Research Letters, 65, 105553. Liu, Y., Liang, H., & Renneboog, L. (2024). ESG disclosure and institutional investor preferences. Journal of Financial Economics, 151(2), 345–370. Shimamura, T., Tanaka, Y., & Managi, S. (2025). Evaluating the impact of report readability on ESG scores: A generative AI approach. International Review of Financial Analysis, 101, 104027. Taskin, D., Sariyer, G., Acar, E., & Cagli, E. C. (2025). Do past ESG scores efficiently predict future ESG performance? Research in International Business and Finance, 74, 102706. Wang, Y., Chen, Z., & Qian, Y. (2024). When ESG ratings diverge: The role of rating disagreement in capital markets. Management Science, 70(1), 88–112. Yang, S. S., Huang, J.-W., & Li, W.-H. (2024). Institutional investor stewardship and material sustainability information: Evidence from Taiwan. Pacific-Basin Finance Journal, 85, 102382. Zeng, M., Zhu, X., Deng, X., & Du, J. (2024). ESG rating uncertainty and institutional investment—Evidence from China. Borsa Istanbul Review, 24(6), 1166–1178. Zeng, Y., Sheng, J., & Li, X. (2024). ESG rating disagreement and stock return predictability. Review of Finance, 28(1), 101–135.
描述 碩士
國立政治大學
金融學系
112352027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112352027
資料類型 thesis
dc.contributor.advisor 楊曉文zh_TW
dc.contributor.advisor Yang, Sheau-Wenen_US
dc.contributor.author (Authors) 賴瑩恬zh_TW
dc.contributor.author (Authors) Lai, Ying-Tianen_US
dc.creator (作者) 賴瑩恬zh_TW
dc.creator (作者) Lai, Ying-Tianen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:32:55 (UTC+8)-
dc.date.available 4-Aug-2025 14:32:55 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:32:55 (UTC+8)-
dc.identifier (Other Identifiers) G0112352027en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158592-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 112352027zh_TW
dc.description.abstract (摘要) 過去十餘年，氣候變遷、社會責任與公司治理議題的熱度持續升溫，促使全球資本市場迅速將永續衡量指標導入投資決策流程。ESG 評級因此成為資產管理人設定風險權重與資產配置的重要依據，亦為企業用以彰顯長期價值與利害關係人溝通的核心語言。 本研究以 2014 年至 2021 年之美國上市公司為樣本，整合 MSCI、S&P Global 與 Refinitiv 三家評級機構所揭露之 ESG 分數，檢驗 ESG 整體評級水準及評級不一致性對本國投資人、外國投資人與機構投資人持股比例之影響。研究共取得 7,725 筆公司，並採多元線性迴歸，控制產業與年度固定效果，以及公司規模、Tobin’s Q、有形資產比率、ROA 與負債比等財務特徵，並以 White 穩健標準誤修正異質變異數。 實證結果顯示，較高的 ESG 整體評級能顯著吸引外國投資人與機構投資人，然對本國投資人持股比例則呈負相關；評級不一致性本身僅對機構投資人呈顯著正向關係，且在評級分歧程度較高時，ESG 高評級對機構投資人更具吸引力。研究結果揭示不同類型的投資者在永續資訊解讀上的差異，並顯示評級差異不僅未削弱機構投資人對 ESG 的需求，反而增強其對相關資訊之依賴。zh_TW
dc.description.abstract (摘要) Over the past decade, climate change, social responsibility, and corporate governance have gained importance in global capital markets, driving the use of ESG ratings in investment decisions. ESG ratings now serve as essential benchmarks for asset managers and communication tools for companies. This study analyzes US-listed companies from 2014 to 2021, using ESG scores from MSCI, S&P Global, and Refinitiv to assess how overall ESG ratings and rating inconsistency affect domestic, foreign, and institutional ownership. The sample includes 7,725 firm-year observations, analyzed with multiple linear regression and controls for industry, year, and key financial characteristics. White’s robust standard errors address heteroskedasticity. Results show that higher ESG ratings attract foreign and institutional investors but are negatively related to domestic investor ownership. Rating inconsistency positively affects only institutional investors. Moreover, greater rating divergence strengthens the appeal of high ESG ratings for institutional investors. The findings highlight differences in investor interpretation of ESG information and show that rating divergence boosts institutional demand for ESG data.en_US
dc.description.tableofcontents 第一章 緒論 7 第一節 研究背景與動機 7 第二節 研究架構 8 第二章 文獻回顧與研究假說 9 第一節 投資者類型 9 第二節 ESG評分 10 第三節 ESG評分不一致性 11 第三章 研究模型及變數 13 第一節 研究模型 13 第二節 模型變數介紹 14 第三節 研究資料篩選流程 17 第四章 實證結果分析 18 第一節 樣本說明 18 第二節 敘述性統計分析 22 第三節 相關係數分析 23 第四節 回歸結果 25 第五章 結論與未來展望 30 參考文獻 31zh_TW
dc.format.extent 2087031 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112352027en_US
dc.subject (關鍵詞) 投資者類型zh_TW
dc.subject (關鍵詞) 持股比例zh_TW
dc.subject (關鍵詞) ESG評級zh_TW
dc.subject (關鍵詞) ESG評級不一致zh_TW
dc.subject (關鍵詞) Investor Typeen_US
dc.subject (關鍵詞) Ownership Shareen_US
dc.subject (關鍵詞) ESG ratingen_US
dc.subject (關鍵詞) ESG rating uncertaintyen_US
dc.title (題名) ESG評分及其不一致性對於美國投資者類型之影響zh_TW
dc.title (題名) The Impact of ESG Scores and Inconsistency on Types of U.S. Investorsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Avramov, D., Cheng, S., Lioui, A., & Tarelli, A. (2022). Sustainable investing with ESG rating uncertainty. Journal of Financial Economics, 145(2), 642-664. Berg, F., Koelbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315-1344. Cheng, S., & Huang, S. (2024). ESG combined score effects on stock performance of S&P 500-listed firms. Finance Research Letters, 66, 105686. Christensen, D. M., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147-175. Dyck, A., Lins, K.V., Roth, L., Wagner, H.F., 2019. Do institutional investors drive corporate social responsibility? International evidence. J. Financ. Econ. 131 (3), 693–714. Gibson Brandon, R., Krueger, P., & Schmidt, P. S. (2021). ESG rating disagreement and stock returns. Financial Analysts Journal, 77(4), 104-127. 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. Hao, P., Alharbi, S. S., Hunjra, A. I., & Zhao, S. (2025). How do ESG ratings promote digital technology innovation? International Review of Financial Analysis, 97, 103886. Liang, J., Zhang, Y., & Li, Y. (2024). The role of ESG scores in ESG fund performance and institutional investor selection. Finance Research Letters, 65, 105553. Liu, Y., Liang, H., & Renneboog, L. (2024). ESG disclosure and institutional investor preferences. Journal of Financial Economics, 151(2), 345–370. Shimamura, T., Tanaka, Y., & Managi, S. (2025). Evaluating the impact of report readability on ESG scores: A generative AI approach. International Review of Financial Analysis, 101, 104027. Taskin, D., Sariyer, G., Acar, E., & Cagli, E. C. (2025). Do past ESG scores efficiently predict future ESG performance? Research in International Business and Finance, 74, 102706. Wang, Y., Chen, Z., & Qian, Y. (2024). When ESG ratings diverge: The role of rating disagreement in capital markets. Management Science, 70(1), 88–112. Yang, S. S., Huang, J.-W., & Li, W.-H. (2024). Institutional investor stewardship and material sustainability information: Evidence from Taiwan. Pacific-Basin Finance Journal, 85, 102382. Zeng, M., Zhu, X., Deng, X., & Du, J. (2024). ESG rating uncertainty and institutional investment—Evidence from China. Borsa Istanbul Review, 24(6), 1166–1178. Zeng, Y., Sheng, J., & Li, X. (2024). ESG rating disagreement and stock return predictability. Review of Finance, 28(1), 101–135.zh_TW