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題名 永續金融發展下金融機構漂綠風險之研究
Greenwashing Risk in Financial Institutions under the Development of Sustainable Finance作者 陳文玲
Chen, Wen-Ling貢獻者 許永明
Shiu, Yung-Ming
陳文玲
Chen, Wen-Ling關鍵詞 永續金融;永續資訊揭露;漂綠;永續／ESG金融商品;金融機構
Sustainable Finance;Sustainability Disclosure;Greenwashing;Sustainable/ESG Financial Products;Financial Institutions日期 2026 上傳時間 4-Aug-2026 16:31:13 (UTC+8) 摘要 本研究旨在探討永續金融發展下金融機構可能面臨的漂綠風險。隨著永續金融與ESG議題日益受到重視，金融機構逐漸被期待透過永續資訊揭露、永續／ESG金融商品及與企業互動，引導資金流向具環境與社會效益的活動。相較於既有研究多聚焦在一般企業漂綠或特定永續金融商品，本研究則以金融機構為核心，進一步探討其在永續資訊揭露、永續／ESG金融商品，以及與企業互動過程中可能出現的漂綠風險。 本研究採用問卷調查與半結構式訪談的混合研究方法，以金融從業人員及具永續金融相關實務經驗者作為研究對象，並以敘述性統計及內容分析法進行資料整理與分析。 研究結果顯示，金融機構漂綠風險主要可能出現在永續資訊揭露、永續／ESG金融商品，以及銀行與企業互動等情境中。其中，制度壓力、資訊可驗證性不足、第三方驗證依賴及資訊不對稱等因素，都可能提高漂綠風險發生的可能性。然而，多數受訪者認為，目前臺灣現行永續資訊揭露制度與相關監理機制，對金融機構仍具有一定約束效果，但在揭露標準一致性、資訊透明度與實質查核機制上，仍存在改善空間。 整體而言，本研究有助於補充金融機構漂綠風險相關研究，並可以作為金融機構推動永續金融、建立內部控管機制，以及主管機關研議永續資訊揭露與相關監理制度的參考。
This study explores the greenwashing risks that financial institutions may face under the development of sustainable finance. As sustainable finance and ESG-related issues gain increasing attention, financial institutions are expected to promote activities with environmental and social benefits through sustainability disclosures, sustainable/ESG financial products, and interactions with enterprises. Compared with previous studies focusing on corporate greenwashing or specific sustainable financial products, this study centers on financial institutions and examines potential greenwashing risks in sustainability disclosures, sustainable/ESG financial products, and bank-enterprise interactions. This study adopts a mixed-method approach combining questionnaire surveys and semi-structured interviews. The research subjects include financial practitioners and individuals with practical experience related to sustainable finance. Descriptive statistics and content analysis were applied to analyze the collected data. The findings indicate that greenwashing risks in financial institutions may mainly arise in sustainability disclosures, sustainable/ESG financial products, and bank-enterprise interactions. Institutional pressure, insufficient verifiability of sustainability information, reliance on third-party verification, and information asymmetry may increase the likelihood of greenwashing risks. However, most interviewees believed that Taiwan’s current sustainability disclosure system and related regulatory mechanisms still exert certain constraints on financial institutions, although there remains room for improvement in disclosure consistency, information transparency, and substantive verification mechanisms. 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Pacific-Basin Finance Journal, 78, 101951. https://doi.org/10.1016/j.pacfin.2023.101951 描述 碩士
國立政治大學
國際金融碩士學位學程
113ZB1073資料來源 https://thesis.lib.nccu.edu.tw/thesis/detail/7611be4bb9c41eb3e5c6cac65aa265a8/ 資料類型 thesis dc.contributor.advisor 許永明 zh_TW dc.contributor.advisor Shiu, Yung-Ming en_US dc.contributor.author (Authors) 陳文玲 zh_TW dc.contributor.author (Authors) Chen, Wen-Ling en_US dc.creator (作者) 陳文玲 zh_TW dc.creator (作者) Chen, Wen-Ling en_US dc.date (日期) 2026 dc.date.accessioned 4-Aug-2026 16:31:13 (UTC+8) - dc.date.available 4-Aug-2026 16:31:13 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2026 16:31:13 (UTC+8) - dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=184109 - dc.description (描述) 碩士 dc.description (描述) 國立政治大學 dc.description (描述) 國際金融碩士學位學程 dc.description (描述) 113ZB1073 dc.description.abstract (摘要) 本研究旨在探討永續金融發展下金融機構可能面臨的漂綠風險。隨著永續金融與ESG議題日益受到重視，金融機構逐漸被期待透過永續資訊揭露、永續／ESG金融商品及與企業互動，引導資金流向具環境與社會效益的活動。相較於既有研究多聚焦在一般企業漂綠或特定永續金融商品，本研究則以金融機構為核心，進一步探討其在永續資訊揭露、永續／ESG金融商品，以及與企業互動過程中可能出現的漂綠風險。 本研究採用問卷調查與半結構式訪談的混合研究方法，以金融從業人員及具永續金融相關實務經驗者作為研究對象，並以敘述性統計及內容分析法進行資料整理與分析。 研究結果顯示，金融機構漂綠風險主要可能出現在永續資訊揭露、永續／ESG金融商品，以及銀行與企業互動等情境中。其中，制度壓力、資訊可驗證性不足、第三方驗證依賴及資訊不對稱等因素，都可能提高漂綠風險發生的可能性。然而，多數受訪者認為，目前臺灣現行永續資訊揭露制度與相關監理機制，對金融機構仍具有一定約束效果，但在揭露標準一致性、資訊透明度與實質查核機制上，仍存在改善空間。 整體而言，本研究有助於補充金融機構漂綠風險相關研究，並可以作為金融機構推動永續金融、建立內部控管機制，以及主管機關研議永續資訊揭露與相關監理制度的參考。 zh_TW dc.description.abstract (摘要) This study explores the greenwashing risks that financial institutions may face under the development of sustainable finance. As sustainable finance and ESG-related issues gain increasing attention, financial institutions are expected to promote activities with environmental and social benefits through sustainability disclosures, sustainable/ESG financial products, and interactions with enterprises. Compared with previous studies focusing on corporate greenwashing or specific sustainable financial products, this study centers on financial institutions and examines potential greenwashing risks in sustainability disclosures, sustainable/ESG financial products, and bank-enterprise interactions. This study adopts a mixed-method approach combining questionnaire surveys and semi-structured interviews. The research subjects include financial practitioners and individuals with practical experience related to sustainable finance. Descriptive statistics and content analysis were applied to analyze the collected data. The findings indicate that greenwashing risks in financial institutions may mainly arise in sustainability disclosures, sustainable/ESG financial products, and bank-enterprise interactions. Institutional pressure, insufficient verifiability of sustainability information, reliance on third-party verification, and information asymmetry may increase the likelihood of greenwashing risks. However, most interviewees believed that Taiwan’s current sustainability disclosure system and related regulatory mechanisms still exert certain constraints on financial institutions, although there remains room for improvement in disclosure consistency, information transparency, and substantive verification mechanisms. Overall, this study contributes to the literature on greenwashing risks in financial institutions and may serve as a reference for future sustainable finance practices and regulatory design. en_US dc.description.tableofcontents 第一章 緒論 8 第一節 研究背景與動機 8 第二節 研究目的與問題 13 第三節 研究的重要性 14 第二章 永續金融相關法規與漂綠風險 15 第一節 國際法規 15 第二節 臺灣法規 25 第三節 漂綠風險 29 第四節 法規與漂綠之間的關聯 30 第三章 金融機構與漂綠風險的關係 40 第一節 金融機構可能的漂綠型態 40 第二節 金融機構漂綠的嚴重性 41 第三節 金融機構漂綠的動機 42 第四節 影響金融機構漂綠風險增加或降低的因素 44 第四章 研究方法 46 第一節 研究架構 46 第二節 調查問卷設計 47 第三節 研究訪綱設計 49 第四節 研究對象與資料蒐集 50 第五節 資料分析方法 52 第五章 研究結果 55 第一節 問卷分析 55 第二節 訪談分析 66 第三節 研究結果綜合分析 71 第四節 漂綠衡量方法的比較與實務啟示 72 第六章 結論與建議 82 第一節 研究結論 82 第二節 研究建議 83 第三節 研究限制與未來研究建議 85 參考文獻 88 附錄 105 附錄一 臺灣境與宣稱相關裁罰事件整理 105 附錄二 問卷題項 107 附錄三 訪談題綱 113 dc.format.extent 142 bytes - dc.format.mimetype text/html - dc.source.uri (資料來源) https://thesis.lib.nccu.edu.tw/thesis/detail/7611be4bb9c41eb3e5c6cac65aa265a8/ dc.subject (關鍵詞) 永續金融;永續資訊揭露;漂綠;永續／ESG金融商品;金融機構 zh_TW dc.subject (關鍵詞) Sustainable Finance;Sustainability Disclosure;Greenwashing;Sustainable/ESG Financial Products;Financial Institutions en_US dc.title (題名) 永續金融發展下金融機構漂綠風險之研究 zh_TW dc.title (題名) Greenwashing Risk in Financial Institutions under the Development of Sustainable Finance en_US dc.type (資料類型) thesis dc.relation.reference (參考文獻) 法規/指引/原則與官方文件 歐盟 European Union. 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In the matter of Invesco Advisers, Inc. (Investment Advisers Act Release No. 6770; Administrative Proceeding File No. 3-22239). https://www.sec.gov/files/litigation/admin/2024/ia-6770.pdf U.S. Securities and Exchange Commission. (2024, November 8). SEC charges Invesco Advisers for making misleading statements about supposed investment considerations. https://www.sec.gov/newsroom/press-releases/2024-179 U.S. Securities and Exchange Commission. (2024). In the matter of WisdomTree Asset Management, Inc. (Investment Advisers Act Release No. 6753; Investment Company Act Release No. 35351; Administrative Proceeding File No. 3-22195). https://www.sec.gov/files/litigation/admin/2024/ia-6753.pdf U.S. Securities and Exchange Commission. (2024, October 21). SEC charges advisory firm WisdomTree with failing to adhere to its own investment criteria for ESG-marketed funds. https://www.sec.gov/newsroom/press-releases/2024-173 Verbraucherzentrale Baden-Württemberg. (2023, November 20). Greenwashing bei der Geldanlage: Werbung mit Nachhaltigkeit [Greenwashing in investment: Advertising with sustainability]. https://www.verbraucherzentrale-bawue.de/greenwashing 公平交易委員會。（2022年10月12日）。公平交易委員會處分書（公處字第111071號）。公平交易委員會。 https://www.ftc.gov.tw/uploadDecision/b864b115-8fe8-4f49-8091-ed8badacc3ad.pdf 公平交易委員會。（2022年10月12日）。節能標章過期仍刊載，誤導消費者，罰！。公平交易委員會。 https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=17173 公平交易委員會。（2023年2月22日）。公平交易委員會處分書（公處字第112011號）。公平交易委員會。 https://www.ftc.gov.tw/upload/1121101-1120106.pdf 公平交易委員會。（2023年2月23日）。節能標章勿亂用 業者廣告不實開罰！。公平交易委員會。 https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=17419 公平交易委員會。（2023年4月26日）。第1646次委員會議紀錄。公平交易委員會。 https://www.ftc.gov.tw/uploadDecision2/30df2d03-6e70-41c3-8135-3d073411ffad.pdf 公平交易委員會。（2023年4月26日）。用逾期的「節能標章」刊登廣告！挨罰。公平交易委員會。 https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=17470&mid=126 公平交易委員會。（2025年6月25日）。第1757次委員會議紀錄。公平交易委員會。 https://www.ftc.gov.tw/uploadDecision2/268133e4-4426-4865-8e23-e487d2ef5e76.pdf 公平交易委員會。（2025年6月25日）。節能標章有期限，過期仍刊登廣告觸法！公平交易委員會。 https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=18127&mid=126 新聞網站 ESG Dive. (2024, November 11). SEC charges Invesco $17.5M for misleading ESG statements. https://www.esgdive.com/news/sec-enforcement-charges-invesco-17-5m-esg-fund-integration-greenwashing/732549/ Makortoff, K. (2022, October 19). Watchdog bans HSBC climate ads in fresh blow to bank’s green credentials. The Guardian. https://www.theguardian.com/business/2022/oct/19/watchdog-bans-hsbc-ads-green-cop26-climate-crisis Reed Smith. (2023, March 27). New judgement in advertisement dispute between consumer association and investment company. https://www.reedsmith.com/articles/new-judgement-in-advertisement-dispute/ Reuters. (2022, May 23). BNY Mellon unit pays $1.5 million over ESG fund misstatements, SEC says. https://www.reuters.com/markets/us/us-sec-charges-bny-mellon-investment-adviser-misstatements-over-esg-policies-2022-05-23/ Reuters. (2022, November 22). SEC charges Goldman Sachs Asset Management with not following ESG investments. https://www.reuters.com/world/us/sec-charges-goldman-sachs-asset-management-not-following-esg-investments-2022-11-22/ Reuters. (2023, September 25). DWS to pay $25 mln to end US probe into greenwashing allegations. https://www.reuters.com/legal/dws-pay-25-mln-over-us-charges-over-esg-misstatements-other-violations-2023-09-25/ Reuters. (2024, August 2). Australia fines Mercer Superannuation $7.4 mln for misleading ESG claims. https://www.reuters.com/business/finance/australia-fines-mercer-superannuation-7-mln-misleading-claims-its-investments-2024-08-02/ Reuters. (2024, September 25). Australia court fines Vanguard unit $9 mln over ethical investment claims. https://www.reuters.com/business/finance/australia-court-fines-vanguard-unit-9-mln-over-ethical-investment-claims-2024-09-25/ Reuters. (2024, October 21). 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