被納入ESG ETF對成分股企業ESG表現之影響—以臺灣資本市場為例

Abstract

本研究以2016至2024年發行之ESG ETF和臺灣上市櫃企業為對象，透過傾向分數匹配法和雙重差分法(PSM-DiD)挑選研究樣本並進行分析，探討如臺灣ESG ETF之次級市場永續資金，是否會對成分股企業帶來提升企業ESG表現的正向影響並驅動成分股企業的行為改變。本研究之實證結果顯示：第一，被納入ESG ETF事件，對成分股企業ESG表現有正向影響，其中以環境構面的表現提升最為明顯。第二，被納入ESG ETF確實引導了成分股企業之行為改變：企業在被納入ESG ETF後，每一資本支出對於環境構面分數的貢獻相較納入前有顯著提升。根據以上實證結果，可知次級市場的永續資金不僅讓投資人能投資於永續表現較佳之企業，也具有促使成分股企業實質行為改變的影響力，有效驅動企業進行永續轉型。

This study focuses on ESG ETFs issued between 2016 and 2024 and listed companies in Taiwan. Using propensity score matching and difference-in-differences (PSM-DiD) methods, the study selects and analyzes research samples to explore whether secondary market sustainable funds, such as Taiwan ESG ETFs, have a positive impact on the ESG performance of constituent companies and drive behavioral changes. The empirical results show that: First, inclusion in an ESG ETF has a positive impact on the ESG performance of constituent companies, with the most significant improvement in environmental performance. Second, inclusion in an ESG ETF guide behavioral changes in constituent companies: After inclusion, the contribution of each capital expenditure to the environmental score significantly increases compared to before inclusion. Based on these empirical results, it can be concluded that secondary market sustainable funds not only allow investors to invest in companies with better ESG performance but also have the influence to prompt substantial behavioral changes in constituent companies, effectively driving companies to undergo sustainable transformation.