企業有關ESG的資訊內涵對於股東財富之影響

NHUIR > College of Management > Department of Finance, The M.A. Program of Financial Management > Disserations and Theses > Item 987654321/29826

Please use this identifier to cite or link to this item: http://nhuir.nhu.edu.tw/handle/987654321/29826

Title:	企業有關ESG的資訊內涵對於股東財富之影響
Other Titles:	The Impact of Corporate ESG Information on Shareholders' Wealth
Authors:	陳婕妤 CHEN, CHIEN-YU
Contributors:	財務金融學系財務管理碩士班吳依正 WU, YI-CHEN
Keywords:	資訊內涵;事件研究法 Information Connotation;Event study;ESG
Date:	2023
Issue Date:	2023-11-14 13:47:48 (UTC+8)
Abstract:	ESG於2004年聯合國的報告書中首次被提及；ESG分別代表環境(Environment)、社會責任(Social)及公司治理(Governance)，企業在落實ESG時，對於正面訊息是否會為企業帶來正面股價報酬率之影響，而未落實ESG產生的負面訊息對於企業是否會產生負面股價報酬率之影響，本研究想了解對於企業有關ESG的資訊內涵三個因子對於企業股價異常報酬率之影響及排序外，對財務績效是否有正向或負向之相關性，研究期間為2003年至2022年，共20年，研究對象為上市公司，資料來源為公開觀測資訊站及聯合知識庫進行關鍵字查詢，研究方法採用事件研究法，實證結果發現負面社會責任面與負面公司治理面於事件日當天具有負的顯著異常報酬之影響，正面環境面於事件日當天具有顯著異常報酬之影響，不論是正面訊息還是負面訊息其影響力最顯著為公司治理面，負面訊息與股東權益報酬率(ROE)具有顯著負相關，正面訊息短期績效皆無相關性。　　ESG was first mentioned in the United Nations report in 2004; ESG stands for Environment, Social and Governance. When companies implement ESG, whether Positive information will bring positive Stock Market Return to companies The impact of the rate of return, but whether the negative information generated by ESG will have a negative impact on the company’s stock price rate of return. This research wants to understand the impact and order of the three factors on the company’s stock price Abnormal returns for the information content of ESG. In addition, whether there is a positive or negative correlation between financial performance and business performance, the research period is from 2003 to 2022, a total of 20 years, the research objects are listed companies, counter companies, and the data sources are Market Observation Post System and United Daily News keyword queries, and the research method adopts the event study method. The empirical results show that the negative social responsibility aspect and the negative corporate governance aspect have negative significant abnormal returns on the event day, and the positive environmental aspects have significant abnormal returns on the event day. Whether it is positive news or negative news, its influence is the most Notably in terms of corporate governance, negative news has a significant negative correlation with return on equity (ROE), and positive news has no correlation with short-term performance.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

Files in This Item:

File	Description	Size	Format
111NHU00304011-001.pdf		1058Kb	Adobe PDF	736	View/Open
index.html		0Kb	HTML	196	View/Open

Loading...