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研究生： 周怡君
Yi-Chun Chou
論文名稱： 臺灣永續及責任指數編製與商業運作模式建議
A Proposal of Launching the Sustainability Index in Taiwan
指導教授： 徐政義
Cheng-Yi Shiu
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系在職專班
Executive Master of Finance
畢業學年度： 100
語文別： 中文
論文頁數： 81
中文關鍵詞： 永續經營能力指數 、企業社會責任 、永續及責任投資
外文關鍵詞： Social Responsible Investment, Sustainability Indices
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    • 企業社會責任不僅是企業倫理的表現，同時也是經濟效率的指標。過去人們普遍認為，企業是以損害社會大眾利益為代價取得成就；然而對於企業而言，若忽視其環境、社會及治理風險風險，未來將陷入無法掌握的盈餘波動。社會公害或缺陷往往會讓企業承受莫大的內部成本；如今，企業藉由處理社會難題，進而得以在為自身創造經濟價值之餘，也為社會創造價值。
    本研究透過彙整文獻得到投資實踐社會責任之企業不會降低投資人之財務報酬之結論；因此，參考國外主要永續經營指數編製機構之編製架構及其資產管理公司之經營模式，期以對臺灣企業實踐社會責任表現提出評鑑標準之建議，進而將該項評鑑結果提供予投資人及資產管理公司，以利更精準地評估企業經營風險與降低市場資訊不對稱的現象，或編制臺灣永續及責任指數提供機構法人長期穩定資金之投資建議及開發客製化投資組合商品。

    The long term purpose for a firm running its business has been changed during the decades. In order to keep the leading position and gain more economic profit, companies has paid more attention to Corporate Social Responsibility (CSR) and started mapping the Environmental, Social and Governance impact of their value chain since 1990. Measuring corporate social performance and making it public to all investors is a powerful way to influence the strategy and behavior of a firm.
    Sustainability Indices and Social Responsible Investment are designed to help the investors achieve financial goals as well as build a better world. Although the criteria used in the rankings vary widely, still we refer to the world famous sustainability indices and generalize the evaluating criteria for Taiwan companies. We also follow the ongoing Hong Kong model and give the picture of launching program and framework for practicing CSR in Taiwan at the end of this study.

    目錄 ABSTRACT ..............................................................................................III 誌謝......................................................................................................... IV 圖目錄 .................................................................................................... VII 表目錄 ................................................................................................... VIII 第一章 緒論 ............................................................................................ 1 1-1研究背景 ................................................................................... 1 1-2研究動機 ................................................................................... 2 1-3研究目的 ................................................................................... 3 1-4研究架構 ................................................................................... 4 第二章 企業經營目標與實踐社會責任 ..................................................... 5 2-1企業存在目的與經營目標 .......................................................... 5 2-1-1企業存在目的 ......................................................................... 6 2-1-2創造共享價值之企業經營的目標 ............................................ 8 2-2企業經營模式與實踐社會責任 ................................................... 9 2-3企業經營績效與實踐社會責任 ................................................. 12 第三章 永續及責任指數的編製 .............................................................. 15 3-1永續及責任投資的範疇 ............................................................ 15 3-1-1歐洲永續及責任投資涵蓋範圍及發展現況 ............................ 16 3-1-2美國社會責任投資涵蓋範圍及發展現況 ............................... 20 3-2企業永續及責任表現評鑑準則 ................................................. 25 3-2-1多明尼400 社會責任投資 ................................................... 26 3-2-2 道瓊永續經營能力指數 ........................................................ 27 3-2-3倫敦金融時報四強指數 ........................................................ 29 3-2-4摩根史坦利環境、社會及治理指數 ...................................... 31 3-2-5 ISO 26000社會責任指南 ..................................................... 33 3-2-6各指數編製準則之摘要及臺灣評鑑準則之建議 ..................... 34 3-3企業永續經營能力評估方式 .................................................... 35 3-3-1道瓊永續經營能力指數編製方式說明 ................................... 35 3-3-2臺灣企業於道瓊永續經營能力指數評鑑之表現 ..................... 40 第四章 企業社會責任之推動及商業運作模式 ......................................... 42 4-1企業永續經營能力評鑑及指數編製機構主要業務 .................... 42 4-2企業社會責任指數之商業模式 ................................................. 44 4-2-1多明尼社會投資有限責任公司之運作模式 ............................ 44 4-2-2摩根史坦利資本國際公司之運作模式 ................................... 46 4-2-3倫敦金融時報指數公司之運作模式 ...................................... 50 4-3 企業社會責任之推動 .............................................................. 53 4-3-1香港推動社會責任之模式 ..................................................... 53 4-3-2臺灣社會責任推動現況 ........................................................ 55 第五章 研究結論與建議 ......................................................................... 59 5-1研究結論 ................................................................................. 59 5-2臺灣推動企業社會責任與編製永續及責任指數之建議 ............. 61 參考文獻 ................................................................................................ 66 附錄一 .................................................................................................... 70 附錄二 .................................................................................................... 72 附錄三 .................................................................................................... 75 附錄四 .................................................................................................... 76 附錄五 .................................................................................................... 81 圖目錄 圖3-1 2002年至2009年歐洲永續及責任投資資產規模變化 .............. 18 圖3-2 2009年底核心與廣義定義下之永續及責任投資規模 ................. 19 圖 3-3 2007年至2009年固定收益型、股票型及貨幣型基金於傳統與永續及責任投資基金的規模變化 .................................................. 20

    第一部分 學術文獻參考
    1. Bowen, H. R. 1953, Social responsibilities of the businessman, Harper & Row, New York.
    2. Collison, D. J., Cobb, G., Power, D. M., and Stevenson, L. A., 2008, The financial performance of the FTSE4Good indices. Corporate Social Responsibility & Environmental Management, 15, P14-28.
    3. Doh, Jonathan P., Howton, Shawn D. Howton, Shelly W. and Seigel, Donald S., 2010, Does the Market Respond to Endorsement of Social Responsibility? The Role of Institutions, Information, and Legitimacy, Journal of Management, 36(6), P1461-1485.
    4. Dowling, G., 2001, Creating corporate reputations: Identity, image and performance, Oxford University Press, Oxford, UK.
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    12. Handy, Charles, 2002, What’s A Business For?, Harvard Business Review.
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    第二部分 企業文獻參考
    1. Domini Social Investment, Prospectus, 2011.
    2. European SRI Study 2010, Eurosif (October 2010) at http://www.eurosif.org/research/eurosif-sri-study/2010
    3. Social Investment Forum, 2011, 2010 Report of socially responsible investing trends in the United States. Available at http://ussif.org/resources/research/
    4. United Nations Environment Programme, If you ask us: understanding corporate sustainability disclosure requests, November, 2008 http://www.unepfi.org/fileadmin/documents/if_you_ask_us.pdf
    5. Dow Jones Sustainability World Indexes Guide Book, Version 11.6, September, 2011.
    6. Ground Rules for the Management of the FTSE4Good Index Series, Version 1.5, March, 2012.
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    8. FTSE4Good Index Series Inclusion Criteria for the Marketing of Breast Milk Substitute.
    9. FTSE4Good Nuclear Power Criteria.
    10. FTSE4Good Uranium Mining Criteria.
    11. FTSE TWSE Taiwan Shariah Index Factsheet, April, 2012
    12. MSCI KLD 400 Social Index, Methodology, February, 2011
    13. MSCI Annual Report 2011.
    14. MSCI ESG Research, June, 2011.
    15. MSCI ESG Manager, June, 2011.
    16. MSCI Taiwan Index, March, 2012.
    第三部分 網路資訊參考
    1. http://www.eurosif.org/sri-resources/intro-to-sri [24 March 2012].
    2. http://ussif.org/resources/sriguide/srifacts.cfm [14 March 2012].
    3. http://www.msci.com/ [MSCI]
    4. http://www.msci.com/products/esg/manager/methodology.html [MSCI Methodology]
    5. Baue, W., 2005, Long-term performance of 15 year-old Domini 400 social index helps validate SRI, Sustainability Investment News. http://www.socialfunds.com/news/article.cgi/1703.html
    6. Domini Social Investment, Domini, http://www.domini.com/
    7. Domini Social Investment, The Domini Story, http://www.domini.com/about-domini/The-Domini-Story/index.htm
    8. Domini Social Investment, The Domini Story, Management Team, http://www.domini.com/about-domini/Management/index.htm 9. 香港品質保證局http://www.hkqaa.org/en_index.php 10. 2011 天下企業公民，天下企業公民評選辨法http://issue.cw.com.tw/issue/2011csr/analysis.jsp 11. 2011 天下企業公民，關於天下企業公民http://issue.cw.com.tw/issue/2011csr/intro1.jsp 12. 證券櫃檯買賣中心企業社會責任報告書資料庫http://www.otc.org.tw/ch/csr/content/info.html 13. 經濟部企業社會責任http://csr.moea.gov.tw/main.aspx 14. ISO 26000 – Social responsibility http://www.iso.org/iso/iso_catalogue/management_and_leadership_standards/social_responsibility/sr_iso26000_overview.htm

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