4. 請說明如何形成效率前沿並且從而形成資本市場線(7分)

7. 2015 年聯合國 195 個成員國於氣候高峰會中通過的「巴黎協定」(Paris Agreement)，且金融穩定協會(Financial Stability Board)也制訂氣候攸關之財務風險揭露準則(Task Force on Climate-related Financial Disclosures, TCFD)。碳排放是導致氣候變遷的關鍵因素，我國金管會順應國際趨勢，於 2022 年頒布聚焦於碳排放盤查之「上市櫃公司永續發展路徑圖」，同時於 2023 年推動「永續投資生態圖」，希望擁有龐大資金的金融機構落實永續投資(Sustainable Investment)，促進我國企業及環境之永續發展。學術上發現金融機構的確能藉由永續投資促使企業減少碳排放。例如刊登於全球第 2 名財務學術期刊(Journal Financial Economics, JFE)的文 Azar, Duro, Kadach, and Ormazabal (2021)- The Big Three and corporate carbon emissions around the world. 即提供了強而穩健的證據。此文摘要為：「This paper examines the role of the "Big Three" (i.e.,BlackRock, Vanguard, and State Street Global Advisors) on the reduction of corporate carbon emissions around the world. Using novel data on engagements of the Big Three with individual firms, we find evidence that the Big Three focus their engagement effort on large firms with high CO₂ emissions in which these investors hold a significant stake. Consistent with this engagement influence being effective, we observe a strong and robust negative association between Big Three ownership and subsequent carbon emissions among MSCI index constituents, a pattern that becomes stronger in the later years of the sample period as the three institutions publicly commit to tackle Environmental, Social, and Governance (ESG) issues.」請以中文翻譯上述摘要。(10分)

4. 請說明如何形成效率前沿並且從而形成資本市場線(7分)

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