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標題: | 應用聯合分析法探討永續投資之消費者偏好 The Application of Conjoint Analysis on Consumer Preferences for Sustainable Investment |
作者: | 劉政儒 Jheng-Ru Liu |
指導教授: | 陳家麟 Chia-lin Chen |
關鍵字: | 股市投資,產品屬性理論,消費者行為,ESG,聯合分析法, Stock Investment,Product Attributes Theory,Consumer Behavior,ESG,Conjoint Analysis, |
出版年 : | 2023 |
學位: | 碩士 |
摘要: | 自2008年金融海嘯以來,各國長期的低利率政策促使社會大眾意識到投資理財的重要性。同時,近年來隨著氣候變遷對全球的影響加劇,推行ESG(Environmental, Social, and Governance)的浪潮不僅席捲了各大企業,ESG投資原則也跟著導入了證券市場。根據2022年Boston Consulting Group(BCG)全球財富報告,預估2026年永續投資資產類別占私人投資財富將自2022年的11%成長至17%,可見未來ESG投資原則不管是在企業集團策略經營上,又或是金融市場證券交易上都會成為一門重要的課題。
有鑑於上述總體趨勢,本研究欲瞭解如今ESG備受重視與提倡的市場環境下,環境、社會以及公司治理評價良好的投資標的,對於一般年輕投資者在投資決策上是否具有一定的效用和影響力。因此本研究採用聯合分析的成對比較法,探討股票標的屬性(預期年化投資報酬率、資產風險程度、環境、社會、公司治理)對於一般投資人的偏好和排序,並針對20~40歲年輕的一般投資人進行樣本收集。研究結果顯示,一般投資人多偏好預期報酬率高,但資產價格波動程度較低的投資標的,此外對台灣一般投資人而言,投資於環境、社會和公司治理文化表現評價良好的企業都可以帶來正面效用。另一方面在屬性重要性的偏好排序上,預期年化投資報酬率仍為投資人首選,其次為公司治理、資產風險程度、環境,最後為社會。綜上數據結果可知,傳統財務屬性上的獲利能力以及長期穩定的企業經營為一般投資人投資的主要決策因子。 Since 2008 financial crisis, long-term low-interest-rate policies implemented by several countries have raised public awareness about the importance of investment and financial management. At the same time, as the impact of climate change intensifies globally, ESG (Environmental, Social, and Governance) wave has swept through major corporations and the securities market. According to the 2022 Global Wealth Report by Boston Consulting Group (BCG), sustainable investment assets are estimated to grow from 11% of private investment wealth in 2022 to 17% by 2026. This indicates that ESG investment principles will become an important topic in corporate strategic management and financial market securities trading in the future. This study aims to understand the utility and influence of enterprise with favorable ESG ratings on young investors' investment decisions. Therefore, this study adopts conjoint analysis paired comparison method to investigate the preferences and rankings of stock attributes (Expected annualized rate of return, asset risk level, Environmental, Social, and Governance) among general investors, and specifically targets the collection of samples from general investors aged 20 to 40. The research results show that general investors tend to prefer investment targets with high expected returns and lower asset price volatility. Additionally, investing in companies that demonstrate good performance evaluations in ESG can bring positive effects. On the other hand, in terms of the preference ranking of attribute, expected annualized investment return is still the top choice for investors, followed by Governance, asset risk level, Environmental, and finally Social. Based on the data results, it can be concluded that profitability in traditional financial attributes and the long-term stability of corporate operations are the main decision factors for general investors in their investment decisions. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87920 |
DOI: | 10.6342/NTU202301190 |
全文授權: | 未授權 |
顯示於系所單位: | 商學研究所 |
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