探討本國金融控股公司永續報告書內容對企業獲利及股價的影響
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2024
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為達到2050年淨零排放目標，台灣政府於2021年4月22日地球日宣示投入2050淨零轉型。金管會也在2022年底與環保署、經濟部、交通部、內政部共同公告「永續經濟活動認定參考指引」，讓金融業者及投資人更有效率支持永續發展。本研究欲分析本國金控公司ESG活動亮點，並探討各金控TESG分數是否影響金控公司的獲利和股價。研究目的希望以實證結果提供其他產業永續經營活動參考，也讓投資人知悉各家金控業在ESG活動的努力和成果，作為投資參考指標。本研究以本國十三家金控公司為樣本，參考新聞媒體報導及運用內容分析法質性研究各家永續報告書實行特色及亮點；另運用量化研究的迴歸模型探討金控公司永續評分(TESG分數)與公司獲利及股價的關聯性。本研究結果顯示，永續分數與稅後淨利率有正相關，與ROA、ROE及股價報酬率無相關。ESG良好的表現會為公司帶來正向的收益影響，然而影響金控獲利與股價波動因子甚廣，金控與社會永續共存已不僅關乎獲利，而是在履行社會責任的同時，發揮金融影響力串起其他產業及民眾投入ESG活動，通過支持環境保護、社會公益和良好治理，共同邁向淨零目標。
In order to achieve the 2050 net-zero emissions target, the Taiwan government announced its investment in the 2050 net-zero transformation on Earth Day, April 22, 2021. The Financial Supervisory Commission also jointly announced the"Reference Guidelines for the Certification of Sustainable Economic Activities" at the end of 2022 with the Environmental Protection Agency, the Ministry of Economic Affairs, the Ministry of Transport, and the Ministry of Interior to allow financial industry players and investors to support sustainable development more efficiently. This study intends to analyze the highlights of ESG activities of domestic financial holding companies and explore whether the TESG scores of each financial holding company affect the profits and stock prices. The purpose of the research is to use empirical results to provide a reference for sustainable management activities in other industries, and also to let investors know the efforts and results of various financial holding industries in ESG activities, as an investment reference indicator. This study uses 13 domestic financial holding companies as a sample, refers to news media reports, and uses content analysis to qualitatively study the performance characteristics and highlights of each sustainability report; it also uses regression models and line charts of quantitative research to explore the relationships among financial holding companies’ sustainability scores (TESG score), profits and stock prices.The results of this study show that the sustainability score is positively related to the after-tax net profit margin, but has no correlation with ROA, ROE and stock price return. Good ESG performance will have a positive impact on the company's earnings. However, there are many factors that affect financial holdings' profits and stock price fluctuations. The sustainable coexistence of financial holdings and society is not only about profits, but also while fulfilling social responsibilities, use financial influence to connect other industries and people to invest in ESG activities, and jointly move towards the net-zero goal by supporting environmental protection, social welfare and good governance.
In order to achieve the 2050 net-zero emissions target, the Taiwan government announced its investment in the 2050 net-zero transformation on Earth Day, April 22, 2021. The Financial Supervisory Commission also jointly announced the"Reference Guidelines for the Certification of Sustainable Economic Activities" at the end of 2022 with the Environmental Protection Agency, the Ministry of Economic Affairs, the Ministry of Transport, and the Ministry of Interior to allow financial industry players and investors to support sustainable development more efficiently. This study intends to analyze the highlights of ESG activities of domestic financial holding companies and explore whether the TESG scores of each financial holding company affect the profits and stock prices. The purpose of the research is to use empirical results to provide a reference for sustainable management activities in other industries, and also to let investors know the efforts and results of various financial holding industries in ESG activities, as an investment reference indicator. This study uses 13 domestic financial holding companies as a sample, refers to news media reports, and uses content analysis to qualitatively study the performance characteristics and highlights of each sustainability report; it also uses regression models and line charts of quantitative research to explore the relationships among financial holding companies’ sustainability scores (TESG score), profits and stock prices.The results of this study show that the sustainability score is positively related to the after-tax net profit margin, but has no correlation with ROA, ROE and stock price return. Good ESG performance will have a positive impact on the company's earnings. However, there are many factors that affect financial holdings' profits and stock price fluctuations. The sustainable coexistence of financial holdings and society is not only about profits, but also while fulfilling social responsibilities, use financial influence to connect other industries and people to invest in ESG activities, and jointly move towards the net-zero goal by supporting environmental protection, social welfare and good governance.
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ESG, TESG分數, 獲利, 股價, ESG, TESG scores, profit, stock price