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題名 家族辦公室ESG指數建構與投資績效影響之研究
A Study on the Construction of Family Office ESG Index and Its Impact on Investment Performance作者 高婉儀
Kao, Wan-Yi貢獻者 郭維裕
Kuo, Wei-Yu
高婉儀
Kao, Wan-Yi關鍵詞 家族辦公室
ESG
責任投資
治理制度
資訊揭露
永續金融
Family Office
ESG
Responsible Investment
Governance
Disclosure
Sustainable Finance日期 2026 上傳時間 2-Feb-2026 12:16:41 (UTC+8) 摘要 本研究探討家族辦公室在永續金融發展趨勢下，如何透過投資決策、治理制度與資訊揭露實踐 ESG（環境、社會與治理）責任，並分析其實踐強度與投資績效之間的關聯。研究核心在於建立一套可量化的「家族辦公室 ESG 責任指數」，以六項指標──資產配置比例、ESG 重視程度、資訊公開程度、財務揭露程度、投資組合多元性與治理制度化程度──衡量各家族辦公室之永續實踐程度，進而比較不同群組之投資表現。 研究以公開資料為主要依據，篩選出全球二十七家具高揭露度之家族辦公室樣本，涵蓋美國、歐洲、亞洲與澳洲地區。研究方法採文件分析與敘述統計，依 ESG 責任指數高低分為「ESG 組」與「非 ESG 組」，並比較其投資績效及治理結構。結果顯示，ESG 組家族辦公室在長期報酬率與投資穩定性方面普遍優於非 ESG 組，顯示責任投資與財務績效之間具有正向關聯。 研究亦發現，資訊揭露與治理制度化為影響 ESG 成效的關鍵要素。透明度較高、制度化程度較深的家族辦公室能在市場上建立較高信任度，並展現穩定的資產配置與風險控管能力。相對地，揭露不足或決策集中的家族辦公室，即使資產規模龐大，亦難展現永續競爭力。由此可見，ESG 的核心不僅在於投資標的選擇，更在於將永續原則內化於治理與文化之中。 本研究所提出之 ESG 責任指數可作為後續研究比較與家族辦公室永續評估之參考依據，亦有助於建立實務上可操作之分析架構。未來可進一步擴大樣本範圍，納入不同地區、世代與家族治理模式，以深化對家族辦公室永續發展與財務表現之理解。
This study examines how family offices integrate Environmental, Social, and Governance （ESG） principles into their investment decisions, governance structures, and disclosure practices, and further explores the relationship between ESG implementation and investment performance. The core obective of this research is to construct a measurable Family Office ESG Responsibility Index, which evaluates the degree of sustainability engagement through six indicators. Based on publicly available information, twenty-seven family offices with high disclosure quality were selected as the research sample, covering cases from the United States, Europe, Asia, and Australia. Using document analysis and descriptive statistics, the study categorizes the samples into ESG and non-ESG groups according to their index scores and compares their investment performance and governance characteristics. The findings indicate that family offices with higher ESG engagement tend to achieve superior long-term returns and portfolio stability, supporting the view that responsible investment and financial performance are positively associated rather than mutually exclusive. The proposed ESG Responsibility Index provides an applicable framework for both academic research and practical evaluation, offering a basis for future comparative studies and policy discussions. Further research may expand the sample size across regions and generations to explore how family succession, governance models, and cultural values shape the sustainability transition of family offices.參考文獻 Al Rawaf, F., & Alfalih, A. （2024）. Women’s empowerment and sustainability in family firms. Riyadh: Saudi Family Enterprise Center. Angus, P., & Korschun, C. （2021）. Guidance for family offices: How to approach ESG investing. Family Enterprise Insights （March 2021）, 1–7. Bang, N. P., & Ramachandran, K. （2025）. Inaction is not an option: ESG and family firms. Vikalpa – The Journal for Decision Makers, 50（1）, 21–36. https://doi.org/10.1177/02560909241309521 Busch, T. （2017）. ESG and financial performance: A summary of more than 2000 empirical studies. CSP Briefing Note No. 1. University of Zurich, Center for Sustainable Finance and Private Wealth （CSP）. Citi Private Bank. （2024）. Global Family Office Report 2024. Citi Private Bank. https://www.privatebank.citibank.com Citi Private Bank. （2022）. Responsible Investment Insights 2022. Citi Private Bank. https://www.privatebank.citibank.com Clark, G. L., Feiner, A., & Viehs, M. （2014）. From the stockholder to the stakeholder: How sustainability can drive financial outperformance. University of Oxford, Smith School of Enterprise and the Environment, and Arabesque Partners. https://arabesque.com/research/From_the_stockholder_to_the_stakeholder_web.pdf Das, N., Ruf, B., Chatterjee, S., & Sunder, A. （2023）. Fund characteristics and performances of socially responsible mutual funds: Do ESG ratings play a role? Delaware State University & University of Georgia. Espinosa-Méndez, C., Maquieira, C., & Arias, J. T. （2024）. ESG performance on the value of family firms: International evidence during COVID-19. Humanities and Social Sciences Communications, 11, Article 586. https://doi.org/10.1057/s41599-024-03074-6 Family Enterprise Insights （FEI）. （2021）. Sustainability and governance in family offices. Singapore: FEI Research Series. Friede, G., Busch, T., & Bassen, A. （2015）. ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5（4）, 210–233. https://doi.org/10.1080/20430795.2015.1118917 Glenmede. （2023）. Annual Review 2023. Philadelphia: The Glenmede Trust Company. Glenmede. （2025）. Sustainable Investing Outlook 2025. Philadelphia: The Glenmede Trust Company. Hughes, A., Carter, L., & Meyer, T. （2025）. Family business and ESG: Insights from research. Institute for Family Business Research Foundation & University of East Anglia. https://ueaeprints.uea.ac.uk/id/eprint/98208/1/IFB_RF_ESGreport_2025_digital.pdf Khazanah Nasional Berhad. （2023）. Sustainability Report 2023. Kuala Lumpur: Khazanah Nasional Berhad. Li, X., Zhang, Y., & Wong, S. （2024）. Family firms, ESG engagement and corporate governance interaction: Evidence from emerging markets. Journal of Business Research, 171, 114237. https://doi.org/10.1016/j.jbusres.2024.114237 Organisation for Economic Co-operation and Development （OECD）. （2023）. G20/OECD principles of corporate governance. Paris: OECD Publishing. https://doi.org/10.1787/9789264236882-en Pritzker Private Capital. （2023）. ESG Report 2023. Chicago: Pritzker Private Capital. Sritanee, N., & Lonkanib, R. （2024）. Sustainability in focus: Unveiling the influence of ESG practices on family-owned businesses in long-term performance. SSRN Electronic Journal. https://ssrn.com/abstract=4527016 Temasek Holdings. （2025）. Temasek Review 2025: Building resilience for a sustainable future. Singapore: Temasek International. The Rockefeller Foundation. （2022）. Consolidated financial statements and report of independent certified public accountants, December 31, 2021 and 2020. New York: The Rockefeller Foundation. UBS Group AG. （2019）. Global Family Office Report 2019. Zurich: UBS Group AG. https://www.ubs.com UBS Group AG. （2023）. Global Family Office Report 2023. Zurich: UBS Group AG. https://advisors.ubs.com/mediahandler/media/563297/ubs-gfo-report-2023.pdf UBS Group AG. （2023）. Sustainability Report 2023. Zurich: UBS Group AG. Waldau, R. （2024）. A systematic literature review on determinants and outcomes of ESG performance in family firms. Journal of Family Business Strategy, 15（2）, 100–118. Wang, Z., Zhang, L., & Chen, Y. （2023）. ESG performance and government subsidies: Evidence from Chinese listed firms. Asia-Pacific Journal of Accounting & Economics, 30（4）, 815–832. 描述 碩士
國立政治大學
國際金融碩士學位學程
113ZB1053資料來源 http://thesis.lib.nccu.edu.tw/record/#G0113ZB1053 資料類型 thesis dc.contributor.advisor 郭維裕 zh_TW dc.contributor.advisor Kuo, Wei-Yu en_US dc.contributor.author (Authors) 高婉儀 zh_TW dc.contributor.author (Authors) Kao, Wan-Yi en_US dc.creator (作者) 高婉儀 zh_TW dc.creator (作者) Kao, Wan-Yi en_US dc.date (日期) 2026 en_US dc.date.accessioned 2-Feb-2026 12:16:41 (UTC+8) - dc.date.available 2-Feb-2026 12:16:41 (UTC+8) - dc.date.issued (上傳時間) 2-Feb-2026 12:16:41 (UTC+8) - dc.identifier (Other Identifiers) G0113ZB1053 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161384 - 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) 113ZB1053 zh_TW dc.description.abstract (摘要) 本研究探討家族辦公室在永續金融發展趨勢下，如何透過投資決策、治理制度與資訊揭露實踐 ESG（環境、社會與治理）責任，並分析其實踐強度與投資績效之間的關聯。研究核心在於建立一套可量化的「家族辦公室 ESG 責任指數」，以六項指標──資產配置比例、ESG 重視程度、資訊公開程度、財務揭露程度、投資組合多元性與治理制度化程度──衡量各家族辦公室之永續實踐程度，進而比較不同群組之投資表現。 研究以公開資料為主要依據，篩選出全球二十七家具高揭露度之家族辦公室樣本，涵蓋美國、歐洲、亞洲與澳洲地區。研究方法採文件分析與敘述統計，依 ESG 責任指數高低分為「ESG 組」與「非 ESG 組」，並比較其投資績效及治理結構。結果顯示，ESG 組家族辦公室在長期報酬率與投資穩定性方面普遍優於非 ESG 組，顯示責任投資與財務績效之間具有正向關聯。 研究亦發現，資訊揭露與治理制度化為影響 ESG 成效的關鍵要素。透明度較高、制度化程度較深的家族辦公室能在市場上建立較高信任度，並展現穩定的資產配置與風險控管能力。相對地，揭露不足或決策集中的家族辦公室，即使資產規模龐大，亦難展現永續競爭力。由此可見，ESG 的核心不僅在於投資標的選擇，更在於將永續原則內化於治理與文化之中。 本研究所提出之 ESG 責任指數可作為後續研究比較與家族辦公室永續評估之參考依據，亦有助於建立實務上可操作之分析架構。未來可進一步擴大樣本範圍，納入不同地區、世代與家族治理模式，以深化對家族辦公室永續發展與財務表現之理解。 zh_TW dc.description.abstract (摘要) This study examines how family offices integrate Environmental, Social, and Governance （ESG） principles into their investment decisions, governance structures, and disclosure practices, and further explores the relationship between ESG implementation and investment performance. The core obective of this research is to construct a measurable Family Office ESG Responsibility Index, which evaluates the degree of sustainability engagement through six indicators. Based on publicly available information, twenty-seven family offices with high disclosure quality were selected as the research sample, covering cases from the United States, Europe, Asia, and Australia. Using document analysis and descriptive statistics, the study categorizes the samples into ESG and non-ESG groups according to their index scores and compares their investment performance and governance characteristics. The findings indicate that family offices with higher ESG engagement tend to achieve superior long-term returns and portfolio stability, supporting the view that responsible investment and financial performance are positively associated rather than mutually exclusive. The proposed ESG Responsibility Index provides an applicable framework for both academic research and practical evaluation, offering a basis for future comparative studies and policy discussions. Further research may expand the sample size across regions and generations to explore how family succession, governance models, and cultural values shape the sustainability transition of family offices. en_US dc.description.tableofcontents 第ㄧ章 緒論 6 第ㄧ節 研究動機 6 第二節 問題意識 6 第三節 文獻差異 7 第二章 文獻回顧與理論架構 8 第一節 ESG與財務績效的關聯 8 第二節 家族辦公室的投資特徵與永續挑戰 9 第三節 ESG 評估方法與指數建構 11 第四節 理論架構 17 第三章 研究設計與方法 21 第一節 研究流程與樣本設計 21 第二節 ESG 責任指數設計邏輯 25 第三節 資料來源與補充說明 28 第四章 實證分析 30 第一節 樣本家族辦公室之 ESG 指數評分結果 30 第二節 ESG組與非ESG組之對比分析 32 第三節 投資績效之敘述統計 34 第四節 個案補述 35 第五章 研究發現與討論 38 第ㄧ節、研究發現回應 38 第二節、ESG 指數應用回饋 40 第三節、對家族辦公室的實務建議 40 第四節、對財務顧問與產業端的啟示 40 第六章 家族辦公室 ESG 推進建議 41 第一節 針對非 ESG 組的聚焦建議 41 第二節 針對 ESG 組的延伸建議 43 第七章 結論與研究展望 45 第一節 研究結論 45 第二節 指數的應用 47 第三節 未來研究方向 48 第四節 研究洞見 49 英文参考文獻 50 zh_TW dc.format.extent 3117123 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0113ZB1053 en_US dc.subject (關鍵詞) 家族辦公室 zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 責任投資 zh_TW dc.subject (關鍵詞) 治理制度 zh_TW dc.subject (關鍵詞) 資訊揭露 zh_TW dc.subject (關鍵詞) 永續金融 zh_TW dc.subject (關鍵詞) Family Office en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Responsible Investment en_US dc.subject (關鍵詞) Governance en_US dc.subject (關鍵詞) Disclosure en_US dc.subject (關鍵詞) Sustainable Finance en_US dc.title (題名) 家族辦公室ESG指數建構與投資績效影響之研究 zh_TW dc.title (題名) A Study on the Construction of Family Office ESG Index and Its Impact on Investment Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Al Rawaf, F., & Alfalih, A. （2024）. Women’s empowerment and sustainability in family firms. Riyadh: Saudi Family Enterprise Center. Angus, P., & Korschun, C. （2021）. Guidance for family offices: How to approach ESG investing. Family Enterprise Insights （March 2021）, 1–7. Bang, N. P., & Ramachandran, K. （2025）. Inaction is not an option: ESG and family firms. Vikalpa – The Journal for Decision Makers, 50（1）, 21–36. https://doi.org/10.1177/02560909241309521 Busch, T. （2017）. ESG and financial performance: A summary of more than 2000 empirical studies. CSP Briefing Note No. 1. University of Zurich, Center for Sustainable Finance and Private Wealth （CSP）. Citi Private Bank. （2024）. Global Family Office Report 2024. Citi Private Bank. https://www.privatebank.citibank.com Citi Private Bank. （2022）. Responsible Investment Insights 2022. Citi Private Bank. https://www.privatebank.citibank.com Clark, G. L., Feiner, A., & Viehs, M. （2014）. From the stockholder to the stakeholder: How sustainability can drive financial outperformance. University of Oxford, Smith School of Enterprise and the Environment, and Arabesque Partners. https://arabesque.com/research/From_the_stockholder_to_the_stakeholder_web.pdf Das, N., Ruf, B., Chatterjee, S., & Sunder, A. （2023）. Fund characteristics and performances of socially responsible mutual funds: Do ESG ratings play a role? Delaware State University & University of Georgia. Espinosa-Méndez, C., Maquieira, C., & Arias, J. T. （2024）. ESG performance on the value of family firms: International evidence during COVID-19. Humanities and Social Sciences Communications, 11, Article 586. https://doi.org/10.1057/s41599-024-03074-6 Family Enterprise Insights （FEI）. （2021）. Sustainability and governance in family offices. Singapore: FEI Research Series. Friede, G., Busch, T., & Bassen, A. （2015）. ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5（4）, 210–233. https://doi.org/10.1080/20430795.2015.1118917 Glenmede. （2023）. Annual Review 2023. Philadelphia: The Glenmede Trust Company. Glenmede. （2025）. Sustainable Investing Outlook 2025. Philadelphia: The Glenmede Trust Company. Hughes, A., Carter, L., & Meyer, T. （2025）. Family business and ESG: Insights from research. Institute for Family Business Research Foundation & University of East Anglia. https://ueaeprints.uea.ac.uk/id/eprint/98208/1/IFB_RF_ESGreport_2025_digital.pdf Khazanah Nasional Berhad. （2023）. Sustainability Report 2023. Kuala Lumpur: Khazanah Nasional Berhad. Li, X., Zhang, Y., & Wong, S. （2024）. Family firms, ESG engagement and corporate governance interaction: Evidence from emerging markets. Journal of Business Research, 171, 114237. https://doi.org/10.1016/j.jbusres.2024.114237 Organisation for Economic Co-operation and Development （OECD）. （2023）. G20/OECD principles of corporate governance. Paris: OECD Publishing. https://doi.org/10.1787/9789264236882-en Pritzker Private Capital. （2023）. ESG Report 2023. Chicago: Pritzker Private Capital. Sritanee, N., & Lonkanib, R. （2024）. Sustainability in focus: Unveiling the influence of ESG practices on family-owned businesses in long-term performance. SSRN Electronic Journal. https://ssrn.com/abstract=4527016 Temasek Holdings. （2025）. Temasek Review 2025: Building resilience for a sustainable future. Singapore: Temasek International. The Rockefeller Foundation. （2022）. Consolidated financial statements and report of independent certified public accountants, December 31, 2021 and 2020. New York: The Rockefeller Foundation. UBS Group AG. （2019）. Global Family Office Report 2019. Zurich: UBS Group AG. https://www.ubs.com UBS Group AG. （2023）. Global Family Office Report 2023. Zurich: UBS Group AG. https://advisors.ubs.com/mediahandler/media/563297/ubs-gfo-report-2023.pdf UBS Group AG. （2023）. Sustainability Report 2023. Zurich: UBS Group AG. Waldau, R. （2024）. A systematic literature review on determinants and outcomes of ESG performance in family firms. Journal of Family Business Strategy, 15（2）, 100–118. Wang, Z., Zhang, L., & Chen, Y. （2023）. ESG performance and government subsidies: Evidence from Chinese listed firms. Asia-Pacific Journal of Accounting & Economics, 30（4）, 815–832. zh_TW
