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| Title: | SASB準則下ESG重大性議題對股權資金成本之影響
The Impact of SASB-based Material ESG Issues on the Cost of Equity |
| Authors: | 張瑄圃
Chang, Hsuan-Pu |
| Contributors: | 陳鴻毅
Chen, Hong-Yi
張瑄圃
Chang, Hsuan-Pu |
| Keywords: | 企業社會責任
ESG
重大性議題
SASB
股權資金成本
Corporate Social Responsibility
ESG
Sustainable Materiality
SASB
Cost of Equity |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:06:16 (UTC+8) |
| Abstract: | 公司的永續發展中，重大性議題是對公司營運具有顯著影響力的環境、社會、公司治理等特定永續議題。本研究旨在探討公司於重大性議題上的永續績效和自身的股權資金成本間是否存在特定關係，並進一步檢視對於不同永續績效水平以及不同股權資金成本水平的公司而言，此特定關係是否皆穩定存在。本研究將Bloomberg的揭露細項分別對應至永續會計準則委員會（SASB）對各產業所提出的重大性議題，以衡量公司在重大性議題上的永續績效。本研究採用會計基礎的估計模型和資本資產定價模型（CAPM）估計公司的股權資金成本。實證結果顯示在重大性議題上表現愈好的公司隔年有愈低的股權資金成本。透過分段迴歸進一步發現，僅有在該公司股權資金成本較高或永續績效較佳時，重大性議題的永續績效對不同模型估計的股權資金成本才有一致的負面效果。根據此實證結果，本研究建議股權資金成本較高的公司可以將永續行動聚焦於自身的重大性議題，亦鼓勵已有卓越永續表現的公司進一步發展完善的重大性議題框架，在有效配置資源的同時也有助於降低公司的股權資金成本。
Sustainable materiality refers to the specific ESG (environment, social, and corporate governance) issues relevant and influential on firms’ business operations. This study tries to investigate the relationship between firms’ material ESG performance and their cost of equity; and further examines the consistency of this relationship on different ESG performance or cost of equity levels. For material ESG performance, this study maps the Bloomberg disclosure items to the material ESG issues based on the widely used SASB (Sustainability Accounting Standards Board) standards. This study applies the ex-ante Easton model and the ex-post CAPM (Capital Asset Pricing Model) model to estimate the cost of equity. Empirical results show that firms with better performance on material ESG issues have a lower cost of equity in the subsequent year. In addition, the negative relationship is only consistently significant for firms with a higher cost of equity or leading ESG performance. In summary, this study suggests high-cost firms put more efforts on their material ESG issues; and encourages well-performed firms to continue developing better materiality frameworks. Firms can, therefore, obtain lower costs of equity by allocating resources effectively. |
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| Description: | 碩士
國立政治大學
財務管理學系
109357002 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109357002 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200657 |
| Appears in Collections: | [財務管理學系] 學位論文
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