| Abstract: | 近世紀以來，企業的全球化不僅對全球經濟產生結構性的影響，亦直接或間接地造成了氣候變遷、空氣污染及廢棄物污染等生態問題。隨國際環保意識的高漲，國際金融投資的領域也興起了所謂的社會責任投資（Socially Responsible Investment, SRI）新觀念，藉由投資過程中對於社會及環境的考量，選擇具有永續發展前景的企業，不僅個人可因投資報酬受惠，亦使環境與經濟領域皆得以受益。
雖然全球社會責任投資已蔚為風潮，但富邦投信發行台灣第一檔CSR基金「富邦台灣企業社會責任基金」及第一金投信發行之「第一金全球企業社會責任投資等級債券基金」卻在2015年接續面臨清算，顯示台灣投資人在社會責任投資意識及重視程度上仍有很大的進步空間。本研究旨在探討歐美、亞洲地區及台灣社會責任投資的發展及探討影響台灣投資人申購社會責任投資基金意願因素，以瞭解全球各地區社會責任投資的現況及台灣金融市場社會責任投資無法盛行的原因。
經文獻探討、次級資料蒐集分析、實際市場現象觀察及問卷調查等方法之多元探討後，本研究有下列重要發現：(1)在全球社會責任投資的風潮下，社會責任投資基金的數量及規模在美國與歐洲成長皆非常快速，而亞洲地區永續投資市場也呈現穩定的成長；(2)投資人SRI的知識、信念、道德觀及基金績效重視度等均對申購SRI基金意願有顯著的正向影響；(3)投資人SRI信念在其SRI知識與申購SRI基金意願之間具有完全中介效果；(4)投資人的道德觀對其SRI的信念與申購SRI基金意願間之關係具有調節的效果；及(5)投資人基金績效重視度對其SRI的信念與申購SRI基金意願間之關係並無存在調節作用。
In the last century, corporate globalization has not only had a structural impact on the global economy, it has also directly or indirectly caused ecological problems such as climate change, air pollution, and waste pollution. As the international awareness of environmental protection has increased, the realm of international financial investments has also taken upon the new concept of Socially Responsible Investment (SRI). Through this concept, the investment process would consider social and environmental factors, and choose corporations with sustainable development prospects. Not only will there be personal benefits from the return on investment, but the overall environment and the economy are able to benefit as well.
Although Socially Responsible Investment has become a global trend, both "Fubon Taiwan CSR Fund," which was created firstly by Fubon Securities Investment Trust Co. (Fubon SITC), and "Global CSR Investments and Bonds Fund," which was created by First Securities Investment Trust Co. (FSITC) had been liquidated in 2015. This shows that there is much room for improvement in increasing awareness and emphasizing the investment of SRI for Taiwanese investors. The major goals of this study are: (1) to explore the development of SRI in Europe, Asia, and Taiwan; (2) to explore the factors that affect Taiwanese investors'' willingness to purchase SRI funds; and (3) to understand the current status of SRI in various global regions and why it cannot prevail in Taiwan''s financial markets.
After exploring and analyzing the multi-data (including secondary data, field observations and respondent questionnaires), there are following impontant findings:
1. Due to the trend of global SRI, the amount and scale of socially responsible investment funds are growing very rapidly in America and Europe, while the sustainable investment market in Asia also shows steady growth.
2. Knowledge, beliefs, morality, and fund performance are all factors that have significant positive impact on SRI investors in their willingness to purchase SRI funds.
3. The beliefs of SRI investors has a full intervention effect detween SRI knowledge and purchase intention.
4. The morality of SRI investors has a moderating effect between SRI beliefs and purchase intention.
5. Fund performance has no moderating effect between SRI beliefs and purchase intention of investors. |
