透過金融市場間接規範達成ESG目標可行性之研究

A Study of the Feasibility of Achieving ESG Objectives through Indirect Regulation of Financial Market

本文探討透過金融機構、機構投資人與金融市場自律機構，來間接規範市場參與者達成「環境、社會與治理」目標；此規範方式係基於兩個前提條件：金融市場高度規範的特色以及市場對金融服務的需求。由金融市場的角度來觀察，本文認為，首先，我國政府對於金融機構有相當的控制力，但對未受直接規範的金融機構則影響力有限，此會限制一些規範倡議的影響範圍；其次，政府必須考慮包括金融機構自身的商業利益與風險管理考量、市場參與者對金融服務的需求依賴性、市場競爭環境，以及市場參與者的行為模式等因素，來檢討透過金融機構進行間接規範的潛在效果及侷限性；最後，交易成本（包括資訊取得、監督與內部控制的建制等）會直接限制金融機構與市場參與者的行為，亦會決定整體而言制度的效益，如何有效協助市場參與者提供正確充分的資訊至市場上，以及如何促進在特定領域金融機構或機構投資人進行有效監督（議合），係未來政策上應解決的問題。整體而言，若欲有效透過金融機構來促使市場參與者達成永續目標，政府不應僅止於強調金融服務的重要性，亦應考量市場因素及交易成本的影響，並針對特定目標設計其他整體配合的規範機制，而非片面地將金融服務武器化。

This article examines a rising phenomenon: indirect regulation of market participants to achieve ''Environmental, Social, and Governance'' (ESG) goals through the regulation of financial institutions, institutional investors and self-regulatory organizations. This regulatory approach is based on two key premises: the highly regulated nature of financial markets and the demand for financial services by market participants. The article argues that first, an examination of signatory institutions indicates that the government maintains substantial control over regulated financial institutions in Taiwan. However, its influence is limited when it comes to institutions that are not directly regulated. This may provide constraints on the effectiveness of certain regulatory mechanisms when unregulated entities need to be involved. Second, the government must take into account various market factors, including the commercial interests and risk management considerations of financial institutions, the dependency of market participants on financial services, the competitive market environment, and the behavioral patterns of market participants. These factors are critical in assessing the potential effectiveness and limitations of indirect regulation through financial institutions and how financial institutions and market participants may react to the government’s regulatory proposals or other regulatory initiatives. Last, transaction costs—including those related to information acquisition, oversight, and the establishment of internal controls—directly affect the behaviors of both financial institutions and market participants. These costs also determine the overall effectiveness of the regulatory framework in assisting market participants in providing accurate and sufficient information to the market. Additionally, addressing the effective oversight (or coordination) of financial institutions in specific sectors presents another key policy challenge. Overall, to effectively leverage financial institutions in promoting sustainable goals, the government should not only emphasize the importance of financial services but also consider the impacts of market factors and transaction costs. Moreover, it should design additional regulatory mechanisms that are specifically tailored to meet particular objectives, creating a more comprehensive approach to regulation.