本研究探討企業碳排放資訊的揭露、碳排放量以及碳密集度，是否會對其向銀行借款之資金成本有所影響，並以2013年至2019年間之台灣上市櫃企業為研究對象。銀行借款成本是根據借款明細資料，以借款金額為權重，計算出加權平均借款利率衡量，並區分成所有借款之整體借款成本與長期借款之長期借款成本做分別探討。首先，我們觀察碳排放資訊的揭露是否對借款成本有影響。接著以有揭露者為子樣本，根據Heckman兩階段回歸法研究碳排放量與碳密集度對於借款成本之影響。
　　研究結果發現，有揭露碳排放資訊的企業，無法透過增加資訊透明度取得較低的借款成本；具有較高碳排放量的企業必須負擔較高的長期借款成本，對於整體借款成本則沒有顯著影響。最後，我們發現碳密集度並未與借款成本具有顯著相關性。
　　根據實證結果推論，碳排放資訊在銀行的授信決策中並非重要的考量因素。惟長期借款乃支應長期投資或規模較大的建設計畫之資金需求，對自然環境之衝擊較大，因此企業的碳風險主要會透過長期借款轉嫁給銀行，使銀行要求風險貼水，導致企業之長期借款成本上升。此結果顯示企業可能有誘因透過減碳換取較低的長期借款成本，但亦隱含銀行可能對碳風險的認知不足，或是碳管制措施尚未完善，導致碳風險未被明確定價並反映於借款成本上。故本研究透過金融工具，特別是授信決策進行碳管理之實證結果，可提供多元面向的解讀給不同角色做參考，以促進減碳成效之檢討與改善。

　　This study investigates that whether the carbon-related information, including disclosure of carbon emissions, carbon emissions and carbon intensity, has significant effects on the cost of borrowing of bank loans but other types of creditors. The bank loans are collected with two ways from all loans and long-term loans only. A sample of Taiwan listed companies from 2013 to 2019 is used. Heckman’s two-stage approach is applied to test the effects of carbon emissions and carbon intensity on the cost of borrowing under the subsample where emission levels is disclosed.
　　First, we find that companies do not get benefit of lower cost of borrowing from disclosure of carbon emissions. Second, For those who disclose, companies with higher emission levels bear higher cost of borrowing of long-term loans only. Carbon intensity shows no significant effects on the level of cost of borrowing.
　　The results implies that carbon-related information may not play an important role in the crediting process, whereas long-term loans may have higher carbon risks for its financing to long-term investment and construction projects, which have greatly negative impacts on the environment. Then banks ask for risk premium, leading to higher loan interest rates. With this evidence, companies have incentives to decrease emission levels for lower cost of borrowing. However, it may also imply that carbon risk is not exactly priced at the interest rates of bank loans, for banks do not recognize it enough, or that carbon management system is not well established yet. By realizing the effects of carbon management through financial instruments, especially the crediting process, the evidence of this study could provide various ideas for different parties to improve the effects of carbon reduction.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖次 v
表次 v
第一章 緒論 1
第二章 台灣的碳管制背景 4
第一節 立法沿革 4
第二節 資本市場 6
第三章 文獻回顧與假說建立 8
第一節 碳風險 8
第二節 碳排放資訊的揭露 9
第三節 碳排放量 11
第四章 研究方法 13
第一節 變數定義與衡量 13
第二節 實證模型 19
第五章 樣本選取與資料 25
第一節 樣本選取與資料來源 25
第二節 樣本篩選依據與流程 26
第三節 碳排放資料 29
第六章 實證結果與分析 33
第一節 敘述性統計 33
第二節 相關性分析 36
第三節 單變量分析 38
第四節 回歸分析結果 40
第七章 結論與貢獻 48
參考文獻 51

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