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研究生:劉政儒
研究生(外文):Jheng-Ru Liu
論文名稱:應用聯合分析法探討永續投資之消費者偏好
論文名稱(外文):The Application of Conjoint Analysis on Consumer Preferences for Sustainable Investment
指導教授:陳家麟陳家麟引用關係
指導教授(外文):Chia-lin Chen
口試委員:柯冠州陳聿宏
口試委員(外文):Kuan-Chou KoYu-Hung Chen
口試日期:2023-06-21
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:商學研究所
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2023
畢業學年度:111
語文別:中文
論文頁數:56
中文關鍵詞:股市投資產品屬性理論消費者行為ESG聯合分析法
外文關鍵詞:Stock InvestmentProduct Attributes TheoryConsumer BehaviorESGConjoint Analysis
DOI:10.6342/NTU202301190
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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.
口試委員會審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖目錄 vi
表目錄 vii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 2
第二章 文獻回顧 3
第一節 產品屬性理論 3
第二節 證券市場介紹及相關屬性文獻 4
第三節 ESG起源與介紹 8
第四節 聯合分析法 12
第三章 研究方法 18
第一節 研究架構與流程 18
第二節 研究對象與施測方式 19
第三節 研究屬性變數設計與定義 19
第四節 正式問卷設計 22
第四章 研究結果與分析 24
第一節 樣本結構與敘述性統計 24
第二節 整體樣本聯合分析 29
第三節 個別市場聯合分析 33
第五章 結論與建議 44
第一節 研究結果與討論 44
第二節 研究貢獻與管理意涵 47
第三節 研究限制與未來建議 47
參考文獻 48
附錄 51
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