近年來，因應氣候變遷環境意識抬頭，ESG議題日趨盛行。許多學者深入研究企業揭露環境資訊與否以及環境的績效表現，是否帶來債務資金成本之影響。但相較於國外，國內文獻相對少且實證結果未一致。故本研究以2016年至2020年為研究期間，採用Thomson Reuters Datastream對於台灣企業在ESG中環境面的評比，以及台灣經濟新報資料庫之銀行借貸資料進行分析，旨在探討(一)台灣企業環境資訊揭露對於銀行債務資金成本是否有影響，(二)企業環境績效表現是否影響銀行債務資金成本。
實證結果發現，(一)台灣企業揭露越多環境資訊，越有助於取得較低的銀行借貸成本，表示企業揭露環境資訊能有效降低訊息不對稱，進而取得債務人較高的信用評等。但長期而言較不顯著，其主要原因可能為長期而言，銀行對於授信的決策會參考更多面向的資訊。(二)企業環境績效越好，越有助於取得較低的銀行借貸成本，代表其公司對於環境管理、政策與流程的制定有越多的承諾及有效的執行，越表示其公司治理較穩健，違約風險較低。且研究發現，整體而言，銀行在授信中較注重環境排放面單一類別的評估，長期而言，則重視整體環境面的評估而非單一項目之評估。

In recent years, in response to the rising environmental awareness of climate change, ESG issues have become popular. Many scholars have researched whether companies disclose environmental information and whether environmental performance impacts the cost of debt capital. However, empirical studies are relatively scarce domestically, and the empirical results are inconsistent. Therefore, using data from 4,281 publicly traded companies in Taiwan from 2016 to 2020. Taiwanese companies' ESG environment data is from Thomson Reuters Datastream database and bank lending data from the Taiwan Economic News Database for analysis. The purpose is to explore (1) the impact of Taiwanese corporate environmental information disclosure on bank debt capital cost, and (2) whether corporate environmental performance affects the bank's debt capital cost.
The empirical results show that (1) Taiwanese companies disclose more environmental information, and those companies obtain lower bank borrowing costs, which indicates that firms that disclose environmental information can effectively reduce information asymmetry, and obtain higher credit ratings from debtors. Additionally, in the long term, firms disclosing their environmental information do not have a significant impact on bank debt capital cost, the key reason is that banks will refer to more oriented information in their credit decision-making in the long term. (2) Firms have better environmental performance, and those companies will obtain lower bank borrowing costs, which indicates that the firms have more commitments, and effective implementation of environmental management, policy, and process formulation. Thus, firms will have more stable corporate governance, and will decrease the default risk. Our research also find that banks pay more attention to the evaluation of a single category of environmental emissions in credit granting, and in the long term, banks pay more attention on the evaluation of the overall environment rather than the evaluation of a single project.

Contents
論文審定書 i
摘要 ii
Abstract iii
1. Introduction1
1.1Background1
1.2 Research purpose5
1.3 Research process7
2. Literature review8
2.1 Environmental disclosure8
2.2 Environmental performance12
2.3 Environmental disclosure and performance on the bank borrowing costs16
2.4 Research hypothesis19
3. Data and methodology21
3.1 Data sources and sample selection21
3.2 Variable definition and measurement28
3.3 Regression model35
4. Empirical research39
4.1 Narrative statistics and correlation analysis39
4.2 Univariate analysis44
4.3 Regression analysis results50
5. Conclusions and suggestions60
References66
Appendix70

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