永續金融對永續漂洗行為抑制效應之探討

Abstract

本研究以我國2019年至2024年台灣上市櫃企業為研究對象，分析永續金融機制對企業永續漂洗行為的抑制效應，並進一步將永續金融商品細分為永續基金、債券與貸款以及金融機構持股，並將永續漂洗分為環境、社會與治理三大漂洗面向，詳細探討各類永續金融與永續漂洗不同面向之間的影響關係。 結果顯示永續金融對企業永續漂洗行為均未有顯著的影響。表明目前台灣市場中的永續資金尚未明確形成對企業永續漂洗行為抑制效應。這一結果可能反映了台灣永續金融市場仍處於發展初期，永續金融商品的規模相對有限，難以對企業永續行為形成有效約束。 本研究亦透過兩階段最小平方法進行穩健性測試，結果仍顯示永續金融無助於降低企業的永續漂洗行為。本研究針對永續報告書與永續漂洗之關係進行額外檢驗，發現確信有助於降低永續、社會與治理漂洗。

The thesis studies the inhibitory effect of sustainable finance mechanisms on corporate sustainable washing behaviors, with the data of Taiwanese listed firm from 2019 to 2024. The thesis then further categorized sustainable finance to sustainable fund, debt and loan, as well as stocks held by financial institutions. Whilst sustainable finance is divided into environment, social and governance washing. The research explores in detail the relationships between various types of sustainable finance and the different aspects of sustainability washing. The result finds that sustainable finance do not exhibit significant impact on the various types of washing. The result may indicate that Taiwanese sustainable finance is still at its early stage of development and with limited capital inflow, making it difficult to effectively constrain corporate sustainability behaviors. The thesis further performs robustness tests with two-stage least squares, the results reveal that sustainable finance is incapable of inhibiting corporate sustainable washing. The thesis further examines the effect of sustainability report assurance on sustainable washing. The findings indicate that assurance significantly contributes to mitigating sustainable, social, and governance washing.