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| Title: | ESG融入不動產投資決策之效益與挑戰：以台灣商辦為例
The Benefits and Challenges of Integrating ESG into Real Estate Investment Decisions: A Case Study of Taiwan's Commercial Office Market |
| Authors: | 楊曜聰
Yang, Yao-Tsung |
| Contributors: | 陳明進
Chen, Ming-Chin
楊曜聰
Yang, Yao-Tsung |
| Keywords: | ESG
商辦不動產
綠建築
情境模擬
投資決策
ESG
Office Real Estate
Green Building
Scenario Simulation
Investment Decision |
| Date: | 2025 |
| Issue Date: | 2025-08-04 13:29:31 (UTC+8) |
| Abstract: | 近年來，環境、社會與公司治理（Environmental, Social and Governance, ESG）已成為全球資本市場重視的重要準則，亦逐漸滲透至不動產投資領域。隨著永續金融發展趨勢日益明確，機構投資人與開發商開始將ESG因素納入不動產投資評估與策略規劃。然而，在台灣商辦市場中，ESG導入實務仍面臨資訊不透明、評估標準未統一及初期投入成本高等挑戰。
本研究以台灣三個具代表性ESG導向之商辦個案（台北101、南山廣場與宏匯i-Tower）為研究對象，透過文獻探討、個案研究與情境模擬三種質性研究方法，分析ESG措施在環境、社會、治理三構面之施作內容與實務成效，並模擬不同導入深度情境對資產租金、空置率與投資吸引力之潛在影響。
研究結果顯示，導入高標準ESG措施之商辦資產，普遍具有租金溢價、空置率降低與吸引高信用租戶之成效，並可因應法規與氣候風險壓力。惟ESG導入效果亦受限於區位條件、市場成熟度及租戶認知落差。本研究建議不動產投資人與開發商應視資產定位與目標租戶輪廓設計差異化永續策略，政府則應強化ESG評估與揭露制度、提供政策誘因，以促進台灣不動產市場永續轉型。
In recent years, Environmental, Social, and Governance (ESG) factors have become key criteria in global capital markets and are increasingly integrated into real estate investment strategies. As sustainable finance gains momentum, institutional investors and developers are gradually incorporating ESG considerations into property evaluation and asset allocation. However, the implementation of ESG in Taiwan’s office market remains nascent, facing challenges such as limited data transparency, inconsistent evaluation standards, and high upfront investment costs.
This study focuses on three representative ESG-oriented office buildings in Taiwan—Taipei 101, Nan Shan Plaza, and Hongwell i-Tower—applying a mixed qualitative methodology consisting of literature review, case study, and scenario simulation. The research examines ESG practices across environmental, social, and governance dimensions and simulates the potential impacts of different ESG adoption levels on rental performance, vacancy rates, and investor attractiveness.
The findings indicate that office buildings with advanced ESG implementation generally achieve rental premiums, lower vacancy rates, and stronger appeal to institutional tenants, while also enhancing resilience to regulatory and climate-related risks. However, these outcomes are influenced by location-specific factors, market maturity, and tenant awareness. This study suggests that investors and developers should tailor ESG strategies based on asset positioning and tenant profiles, while policymakers should improve ESG disclosure systems and provide policy incentives to support the sustainable transition of Taiwan’s commercial real estate market. |
| Reference: | 中文部分
期刊論文
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會議簡報
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英文部分
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| Description: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1068 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1068 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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