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研究生: 黃雅暄
HUANG, Ya-Hsuan
論文名稱: ESG主題式基金是否具有網路搜尋效果?-以半導體產業為例
Do ESG-Themed Funds have Internet Search Effects?-Evidence from the Semiconductor Industry
指導教授: 賴慧文
Lai, Whuei-Wen
口試委員: 張森林
JHANG, Sen-Lin
蔡蒔銓
TSAI, Shin-Chuan
賴慧文
Lai, Whuei-Wen
口試日期: 2022/07/29
學位類別: 碩士
Master
系所名稱: 管理研究所
Graduate Institute of Management
論文出版年: 2022
畢業學年度: 110
語文別: 中文
論文頁數: 43
中文關鍵詞: ESG主題式基金股票報酬本益比異常搜尋量指數
英文關鍵詞: ESG-Themed Funds, Stock Return, Price-Earnings Ratio, Abnormal Search Volume Index
研究方法: 次級資料分析
DOI URL: http://doi.org/10.6345/NTNU202201669
論文種類: 學術論文
相關次數: 點閱:102下載:15
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  • 本研究主要探討公司在加入ESG 主題式基金時,是否對於公司股票報酬以及公司本益比有所提升,也使用異常搜尋量指數作為探究公司加入ESG 主題式基金後,市場上投資人的網路搜尋量是否有所提升之衡量。實證結果顯示,公司在加入ESG主題式基金後,對於公司股票報酬以及公司本益比的確有所提升;然而,在公司加入ESG 主題式基金後並不會影響公司股票的異常搜尋量指數(Abnormal Search Volume Index, ASVI),但是隨著公司被ESG 主題式基金投資的比重上升,公司股票之異常搜尋量指數則會隨之上升,且具有統計顯著性。因此公司加入ESG 主題式基金會吸引投資人關注,並因此提高股票報酬以及本益比。

    This study investigates whether the stock return and the company's price-earnings ratio have improved once the company was added into the ESG-themed funds. This study also measures the Abnormal Search Volume Index after a company’s stock was added into the ESG-themed fund. The empirical results show that when a company was added into the ESG-themed fund, the stock return and the price-earnings ratio do increase. However, after a company was added into the ESG-themed fund, it does not affect Abnormal Search Volume Index. As the proportion of a company’s outstanding shares invested by ESG-themed funds increased, there is a statistically significant increase in Abnormal Search Volume Index for the company. Therefore, to some extent listing in the ESG-themed funds can attract the attention of investors and then provide a positive impact on a company’s stock return and price-earnings ratio.

    摘要 I Abstract II 目錄 III 表目錄 V 圖目錄 VI 第一章、緒論 1 1.1研究背景與動機 1 1.2研究目的 2 1.3研究架構 4 1.4研究流程 5 第二章、文獻探討與回顧 6 2.1 ESG與公司財務表現 6 2.2 ESG與投資報酬 7 2.3影響本益比的基本面因素 8 2.4網路搜尋量 9 2.5 ESG與品牌營銷 11 第三章、研究方法 14 3.1研究資料與樣本篩選 14 3.2變數定義與說明 16 3.3迴歸模型設定 19 第四章、實證結果22 4.1各變數敘述統計 22 4.2 Granger Causality 26 4.3 ESG主題式基金與股票報酬模型實證結果 28 4.4 ESG主題式基金與股票本益比實證結果 32 4.5 ESG主題式基金與網路搜尋量實證結果 35 第五章、結論 38 5.1 結論 38 參考文獻 40

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