ESG能否為台灣的金融保險業提供類保險效果?

Abstract

本研究旨在了解當負面事件發生時，企業平時從事ESG的表現能否為其在接受市場的負面衝擊時讓股價受創的幅度降低，即享有所謂的類保險效果。因此，本研究採用了事件研究法，以2022年震撼我國金融保險業的防疫險理賠事件作為研究之負面事件主體，並選擇國內有上市之36間金控、銀行、保險、證券、租賃等企業做為樣本公司，探討身為我國企業社會責任領先者的金融業者其ESG的成果是否確實能提供其類保險效果，以抵禦這波數十年來最嚴峻的風險管理危機。 根據本研究的實證結果可知，當第一次負面事件發生時，ESG成果中的社會構面與公司股價的累積異常報酬率呈現正向且顯著的關係，第二次負面事件發生時則是ESG成果中的公司治理構面呈現正向且顯著的結果。推論是由於金融業以提供社會大眾更友善便利的金融服務，來維繫社會運作穩定並促進其向上發展的重要產業，因此相較於金融業本來較不會產生污染的環境構面上，投資人對於這兩面向的分數會更為重視。至於在研究ESG長短期表現上的結果則得出，短期ESG能在負面事件首次發生時，為公司帶來一時的類保險效果，然而當負面事件重複發生時，則是長期ESG表現優秀的公司才能持續享有實踐ESG作為所帶來之類保險效益。另外，本研究亦在模型中納入代表金管會裁罰案件的虛擬變數，來瞭解這類影響投資人對金融保險公司的信心與投資意願的負面事件，對類保險效果的產生是否產生影響。所得之該實證結果為負向且顯著的，表示因裁罰案件會讓投資人對公司產生負面印象失去信任，繼而削弱公司從事ESG所產生之道德資本，造成類保險效果降低。

This study aims to understand whether the company’s usual ESG performance can reduce the impact on the stock price when a negative event occurs, that is, enjoy the insurance-like effect. Therefore, this study adopts the event study method, taking the Epidemic Insurance claim event that will affect the Taiwanese financial and insurance companies in 2022 as the negative event subject of the study, and selects 36 listed domestic financial holdings, banks, insurance, securities, and lease companies. Based on these companies, figuring out whether the ESG results of the financial industries, which are leaders in the corporate social responsibility of Taiwan, can provide similar insurance effects to resist the most severe risk management crisis in decades. According to the empirical results of this study, when the first negative event occurs, the social dimension of ESG results has a positive and significant relationship with the cumulative abnormal return rate of the stock price, then when the second negative event occurs, it is the aspect of corporate governance presents positive and significant results. The inference is that the financial industry is an important industry that provides more friendly and convenient financial services to the public and maintains social stability and development. Therefore, compared with the environment aspect of the financial companies, which is less polluting, investors will pay more attention to the scores of these two aspects. As for the results of studying the long-term and short-term performance of ESG, it found that short-term ESG can bring a temporary insurance-like effect to the company when a negative event occurs for the first time, but when negative events occur repeatedly, it is a company with excellent long-term ESG performance only in this way can we continue to enjoy the insurance benefits brought by the practice of ESG. In addition, this study also included a dummy variable representing the penalty case of the FSC in the model to understand whether this negative event, which will also affect investors’ confidence in financial companies and investment willingness, affects the insurance-like effect. The empirical results obtained are negative and significant, indicating that the penalty case will cause investors to have a negative impression of the company and lose trust, and thus will weaken the moral capital generated by engaging in ESG, resulting in a reduced insurance-like effect.