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研究生:林鈺奇
研究生(外文):LIN, YU-QI
論文名稱:運用後設分析探討機構投資者之責任投資行爲
論文名稱(外文):Using Meta-Analysis to Explore the Responsible Investment Behavior of Institutional Investors
指導教授:林淑玲林淑玲引用關係
指導教授(外文):LIN, SHU-LING
口試委員:陳煒朋王甡林淑玲
口試委員(外文):CHEN, WEI-PENGWANG, SHENLIN, SHU-LING
口試日期:2022-06-22
學位類別:碩士
校院名稱:國立臺北科技大學
系所名稱:資訊與財金管理系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2022
畢業學年度:110
語文別:中文
論文頁數:53
中文關鍵詞:企業社會責任機構投資者後設分析責任投資
外文關鍵詞:Corporate Social ResponsibilityInstitutional InvestorMeta-AnalysisResponsible Investment
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自2006年由聯合國成立責任投資原則組織(UNPRI)以來,ESG投資理念和企業ESG評級已經廣泛地被機構投資人所接受納入到二級市場投資組合的研究和決策框架中。本研究針對投資中國大陸A股的機構投資者相關文獻(2017-2022年)進行研究。通過後設分析方法探討,文獻搜索策略整理出的十篇文章進行分析,運用STATA工具進行比較,得出如下結論:1)在中國上市公司中注重CSR對機構投資人責任投資呈現負相關的關係,注重ESG對機構投資人責任投資呈現正相關的關係;意味著責任投資不再看重CSR,機構投資者更加關注ESG的各項信息2)關注ESG的機構投資者無論金融行業或者保險行業在中國上市公司責任投資都呈現正相關的關係,意味著責任投資不再只面向第二產業,逐步向全行業覆蓋,尤其是金融行業和保險行業3) 在中國上市公司責任投資中非獨立投資人更加注重短期投資,獨立機構投資人更加注重長期回報,意味著機構投資人來説,還是存在不同利益之間的取捨。綜上所述,本研究發現責任投資在中國上市公司越來越關注,尤其是獨立投資人作爲重要的參考指標,從關注單一行業到全行業覆蓋,永續經營發展理念面向未來市場越來越被重視。
Since the establishment of the Principles for Responsible Investment (UNPRI) by the United Nations in 2006, ESG investment concepts and corporate ESG ratings have been widely accepted by institutional investors into the research and decision-making framework of secondary market investment portfolios. This study focuses on the literature related to institutional investors investing in Mainland China A-shares (2017-2022). Through a post-hoc analysis method, ten articles collated by the literature search strategy were analyzed and compared using the STATA tool, and the following conclusions were drawn: 1) CSR is negatively correlated with institutional investors' responsible investment in listed companies in China, and ESG is now correlated with institutional investors' responsible investment; meaning that responsible investment no longer values CSR, and institutional investors 2) Institutional investors who pay attention to ESG are now correlated with both the financial industry and the insurance industry, which means that responsible investment is no longer only for the secondary industry, but gradually covers the whole industry, especially the financial industry and the insurance industry 3) Non-independent investors pay more attention to short-term investment in responsible investment in Chinese listed companies, while independent institutional investors pay more attention to long-term return. This means that there is still a trade-off between the interests of institutional investors. In summary, this study finds that responsible investment is becoming more and more important for listed companies in China, especially for independent investors as an important reference indicator, from focusing on a single industry to covering the whole industry, and the concept of sustainable management and development is becoming more and more important for the future market.
摘要…………………………………………………….……………………………Ⅰ
ABSTRACT………………………………………………………………………………………Ⅱ
誌謝………………………………………………………………………….…………Ⅳ
目錄…………………………………………………….……………………………Ⅴ
表目錄……………...…………………………………….……………………..……Ⅵ
圖目錄………………………………………………………………………………Ⅶ
第一章 緒論………………………………………………….………………………1
1.1研究背景……………………………………………..………………………1
1.2研究動機……………………………………………..………………………2
1.3研究目的……………………………………………….……………………3
1.4研究架構………………………………………………..……………………4
第二章 文獻探討………………………………………………..……………………6
2.1 企業社會責任…………………………………………..……………………6
2.2責任投資………………………………………………………………..……9
2.3機構投資者…………………………………………………………………11
第三章 研究方法……………………………………………………………………17
3.1 文獻來源和文獻獲取………..……..……………………………………17
3.2 文獻搜索策略………….……….……..……………………………………19
3.3 文獻的納入條件和排除條件….……..……………………………………20
3.4 文獻資料相關萃取和編碼……………..…………………………………21
3.5 後設分析方法的設定…………….………………………………………24
第四章 研究結果與分析…………………………………………………………25
4.1 資料收集………….…..……………………………………………………25
4.2 綜合效應量…………..…..…………………………………………………29
4.3 發表偏倚……………………………………………………………………33
第五章 結論與建議…………….…………………………………………………34
5.1 研究結論………….…………………………..……………………………34
5.2建議事項..……....…………………………………………………………35
參考文獻……………………………………………………………………………36
附錄:…….…………………..……………………………………………………43

參考文獻
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