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題名 CDP評級對企業股價異常報酬之影響
The Impact of CDP Ratings on Abnormal Stock Returns
作者 王紹安
Wang, Shao-An
貢獻者 陳嬿如<br>翁嘉祥
王紹安
Wang, Shao-An
關鍵詞 碳揭露計畫（CDP）
ESG評級
異常報酬
Carbon Disclosure Project (CDP)
ESG rating
Abnormal return
日期 2026
上傳時間 2-Mar-2026 11:30:57 (UTC+8)
摘要 隨著投資人對企業ESG績效的重視程度逐漸提升，氣候相關揭露指標如CDP評級在永續投資策略中扮演重要角色。本研究以事件研究法檢視台灣上市櫃公司股價對CDP評級發布消息的短期反應。分析涵蓋四種事件類型：（1）首次入選CDP評級、（2）CDP評級升級、（3）CDP評級下修、（4）升級幅度不同（升至A級或升至B級）。研究發現：首次入選CDP評級事件後股價出現顯著正向異常報酬；CDP評級升級或下修事件未引發統計上顯著的異常報酬；當評級升至A時，股價呈現顯著負向異常報酬，升至B時則無顯著反應。本研究聚焦台灣市場，補充既有文獻中CDP短期市場反應研究的不足，提供台灣市場的實證觀點。
As institutional investors increasingly emphasize corporate ESG performance, climate-related disclosures, such as CDP ratings, have become increasingly important in sustainable investment strategies. This study employs an event-study approach to examine the short-term stock price reactions of Taiwanese listed firms to CDP rating announcements. Four event types are considered: (1) first inclusion in the CDP rating list; (2) upgrades of CDP rating; (3) downgrades of CDP rating; and (4) different upgrade magnitudes (upgrades to A versus upgrades to B). The core findings are: first-time inclusion events are associated with significant positive abnormal returns; upgrade or downgrade events do not yield statistically significant abnormal returns; and firms whose ratings are upgraded to A experience significant negative abnormal returns, whereas those upgraded to B show no significant market reaction. By focusing on the Taiwanese market, this study contributes empirical evidence to address the limited understanding of short-term market reactions to CDP rating events in existing literature.
參考文獻 1. Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. 2. Alsaifi, K., Elnahass, M., & Salama, A. (2020). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262, 121377. 3. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. 4. Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. 5. CDP. (2024). CDP scoring methodology and A List overview. 6. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. 7. Financial Stability Board. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. 8. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman. 9. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. 10. International Valuation Standards Council. (2024). International valuation standards (IVS) 2025. https://www.ivsc.org 11. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. 12. Principles for Responsible Investment. (2006). The principles for responsible investment. 13. Shanaev, S., & Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302. 14. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. 15. United Nations General Assembly. (2015). Transforming our world: The 2030 agenda for sustainable development (A/RES/70/1). 16. United Nations Global Compact. (2004). Who cares wins: Connecting financial markets to a changing world. 17. 金融監督管理委員會（2023）。我國接軌 IFRS 永續揭露準則藍圖。 18. 陳奕宇（2023）。企業氣候變遷管理表現與股市反應——以臺灣與荷蘭進行研究比較。國立臺灣大學管理學院財務金融研究所，未出版之碩士論文 19. 張志向（2002）。企業信用評等首次宣告的資訊內容：連續信號與市場成熟度。國立中正大學財務金融研究所，未出版之博士論文
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
112932117
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112932117
資料類型 thesis
dc.contributor.advisor 陳嬿如<br>翁嘉祥zh_TW
dc.contributor.author (Authors) 王紹安zh_TW
dc.contributor.author (Authors) Wang, Shao-Anen_US
dc.creator (作者) 王紹安zh_TW
dc.creator (作者) Wang, Shao-Anen_US
dc.date (日期) 2026en_US
dc.date.accessioned 2-Mar-2026 11:30:57 (UTC+8)-
dc.date.available 2-Mar-2026 11:30:57 (UTC+8)-
dc.date.issued (上傳時間) 2-Mar-2026 11:30:57 (UTC+8)-
dc.identifier (Other Identifiers) G0112932117en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161758-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 112932117zh_TW
dc.description.abstract (摘要) 隨著投資人對企業ESG績效的重視程度逐漸提升，氣候相關揭露指標如CDP評級在永續投資策略中扮演重要角色。本研究以事件研究法檢視台灣上市櫃公司股價對CDP評級發布消息的短期反應。分析涵蓋四種事件類型：（1）首次入選CDP評級、（2）CDP評級升級、（3）CDP評級下修、（4）升級幅度不同（升至A級或升至B級）。研究發現：首次入選CDP評級事件後股價出現顯著正向異常報酬；CDP評級升級或下修事件未引發統計上顯著的異常報酬；當評級升至A時，股價呈現顯著負向異常報酬，升至B時則無顯著反應。本研究聚焦台灣市場，補充既有文獻中CDP短期市場反應研究的不足，提供台灣市場的實證觀點。zh_TW
dc.description.abstract (摘要) As institutional investors increasingly emphasize corporate ESG performance, climate-related disclosures, such as CDP ratings, have become increasingly important in sustainable investment strategies. This study employs an event-study approach to examine the short-term stock price reactions of Taiwanese listed firms to CDP rating announcements. Four event types are considered: (1) first inclusion in the CDP rating list; (2) upgrades of CDP rating; (3) downgrades of CDP rating; and (4) different upgrade magnitudes (upgrades to A versus upgrades to B). The core findings are: first-time inclusion events are associated with significant positive abnormal returns; upgrade or downgrade events do not yield statistically significant abnormal returns; and firms whose ratings are upgraded to A experience significant negative abnormal returns, whereas those upgraded to B show no significant market reaction. By focusing on the Taiwanese market, this study contributes empirical evidence to address the limited understanding of short-term market reactions to CDP rating events in existing literature.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與流程 3 第三節 研究架構與流程 3 第二章 理論及文獻探討 5 第一節 ESG概念的起源與發展 5 第二節 全球ESG評級市場的異質性與方法論差異 6 第三節 ESG與企業價值之相關文獻 7 第四節 CDP評級與市場反應之相關研究 8 第三章 研究方法與設計 10 第一節 研究假說 10 第二節 數據來源與樣本選取 11 第三節 研究流程與分析步驟 12 第四節 研究限制 13 第四章 資料分析與結果 15 第一節 事件期間股價異常報酬分析 15 第五章 結論和建議 20 第一節 研究結論 20 第二節 實務與政策意涵 21 第三節 對未來研究的建議 22 參考文獻 23 附錄 A：研究樣本公司清單 25zh_TW
dc.format.extent 1287314 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112932117en_US
dc.subject (關鍵詞) 碳揭露計畫（CDP）zh_TW
dc.subject (關鍵詞) ESG評級zh_TW
dc.subject (關鍵詞) 異常報酬zh_TW
dc.subject (關鍵詞) Carbon Disclosure Project (CDP)en_US
dc.subject (關鍵詞) ESG ratingen_US
dc.subject (關鍵詞) Abnormal returnen_US
dc.title (題名) CDP評級對企業股價異常報酬之影響zh_TW
dc.title (題名) The Impact of CDP Ratings on Abnormal Stock Returnsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. 2. Alsaifi, K., Elnahass, M., & Salama, A. (2020). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262, 121377. 3. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. 4. Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. 5. CDP. (2024). CDP scoring methodology and A List overview. 6. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. 7. Financial Stability Board. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. 8. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman. 9. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. 10. International Valuation Standards Council. (2024). International valuation standards (IVS) 2025. https://www.ivsc.org 11. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. 12. Principles for Responsible Investment. (2006). The principles for responsible investment. 13. Shanaev, S., & Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302. 14. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. 15. United Nations General Assembly. (2015). Transforming our world: The 2030 agenda for sustainable development (A/RES/70/1). 16. United Nations Global Compact. (2004). Who cares wins: Connecting financial markets to a changing world. 17. 金融監督管理委員會（2023）。我國接軌 IFRS 永續揭露準則藍圖。 18. 陳奕宇（2023）。企業氣候變遷管理表現與股市反應——以臺灣與荷蘭進行研究比較。國立臺灣大學管理學院財務金融研究所，未出版之碩士論文 19. 張志向（2002）。企業信用評等首次宣告的資訊內容：連續信號與市場成熟度。國立中正大學財務金融研究所，未出版之博士論文zh_TW