論永續經營與金控營運績效之關聯

Abstract

自2019年新冠疫情爆發後，從安全乃至經濟層面，不僅對一般大眾百姓產生巨大的影響，更是因政府的一系列措施如封城所導致的供應鏈斷鏈或居家隔離所導致的消費下降等，對企業產生了巨大的衝擊，而也正是此時，企業家們終於開始意識到「永續經營」的重要性，並自此開始積極推動相關永續經營的投入。 本研究使用2012年至2021年間台灣地區公開發行金融控股公司的資料，並採取多重線性回歸模型以檢驗金控對於永續經營之投入與金控經營績效之關聯。 在應變數的部份，參考由美國聯邦金融機構檢查委員會在1997年所提出的CAMELS評等以作為衡量金控經營績效的指標。在自變數的部份，結合筆者過去自身在會計師事務所擔任永續顧問的經驗，選出國內外知名的永續指標如國內由《天下雜誌》所舉辦的「天下永續公民獎」及《台灣永續能源研究基金會》所舉辦的「TCSA台灣企業永續獎」，又或是如國外的「道瓊世界永續指數」及「道瓊新興市場永續指數」等，加上參考上海證交所提出的「社會貢獻值」概念以作為金控在永續經營的投入多寡依據。 經實證結果發現，金控永續經營指標與CAMELS指標中的資本適足性、經營能力及獲利能力等指標大多呈現正向之關聯，顯示台灣金控在永續經營的投入越多，其在資本適足率、員工平均獲利率或每股權益等指標上往往會表現的越好。然而在其他指標如資產品質、流動性及市場敏感性等指標卻因自變數的不同，而產生完全不同的相關或回歸係數，因此本研究在最末處亦針對造成此結果的原因給出看法，並期望日後研究能針對除兩者間之相關性外，更能針對其因果關係有更深入的探討。

The outbreak of Covid-19 drew a lot of problems like lockdown, supply chain disruption, or a drop in consumption. These problems not only caused severe damage to our safety and wealth but also had a negative impact on business. Therefore, more and more businesses started to put more focus on the ESG topic. This study uses the data of publicly traded financial holding companies in Taiwan from 2012 to 2021 and adopts a multi-linear regression model to examine the relationship between financial holding company's ESG performance and their operating performance. For the dependent variables, I use the CAMELS rating, proposed by the U.S. Federal Financial Institutions Examination Council (FFIEC) in 1997, as the indicator of a financial holding corporation's operating performance. For the independent variables, I selected some well-known domestic and international ESG indicators based on my experience as an ESG consultant in an accounting firm. In addition, I also take the social contribution value proposed by the Shanghai Stock Exchange as my other reference. The empirical results show the ESG indicators positively correlate with the indicators like capital adequacy, management capacity, and earning ability, which indicate that the more financial holding companies invest in ESG, the better they perform on the indicators such as capital adequacy, average employee profitability or EPS. However, the other indicators like asset quality, liquidity, and market sensitivity have different correlation coefficients based on the independent variables. Therefore, I list some potential reasons for this result and hope future studies will be able to investigate more deeply the causality of these two indicators in addition to the correlation between them.