ESG評等對財務穩定的影響:金融保險產業實證

The impact of ESG ratings on financial stability: Evidence from financial and insurance industry

本研究旨在探究金融保險業ESG 評等對財務穩定的影響，並進一步探討公司規模對ESG 評等與財務穩定之調節效果。研究收集 2015 至 2020 年金融保險業（金融控股公司、上市保險公司及銀行）共計36 家公司資料，透過多元迴歸檢驗研究假說。研究結果顯示，ESG 總評等對財務穩定有顯著正向影響，ESG 構面中社會責任具有促進財務穩定效果，但環境面則對財務穩定有負面影響，而公司治理則對財務穩定無顯著相關，另一方面，公司規模對ESG 評等與財務穩定僅社會責任對於財務穩定有調節效果。研究結果對金融保險產業未來ESG 評等與公司財務穩定有重要的管理意涵，可提供金融保險業者致力於ESG 之發展及主管機關監理金融機構財務穩健之參考。

This study aims to investigate the impact of Environmental, Social and Corporate Governance (ESG) ratings on financial stability in the financial and insurance industry, and to further explore the moderating effect of firm size on ESG and financial stability. The study collected data from 36 companies in financial and insurance industry (including financial holdings and listed insurance and banks) from 2015 to 2020, and tested research hypothesis through multiple regression analysis. The research results show ESG overall ratings have asignificant positive impact on financial stability. Social responsibility aspect has the effect of promoting financial stability, but the environmental dimension has anegative impact on financial stability. On the other hand, firm size has amoderating effect on ESG and financial stability only in social responsibility, and has no moderating effect in other dimensions. The results have practical management implications, which are beneficial to promote the ESG, and can provide references for financial and insurance companies to devote themselves to the development of ESG and regulatory competent authority to supervise the financial stability of financial institution.