本研究透過2009年至 2019年台灣上市櫃公司的放款資料，以及 Thomson Reuters Eikon的 ESG評分資料，探討 ESG評分與銀行放款條件的關聯 。 實證結果發現企業 ESG分數越高，所獲得的放款條件越好，也就是銀行會給予 ESG評分高的企業，較低的放款利率，較大的放款規模，以及較不需要擔保品。並且分別透過槓桿比率、 Z-Score、 MTB比率，作為企業違約風險高的代理變數，發現違約風險高的企業，若是有較高的 ESG評分，仍可獲得較優惠的放款條件，因此對於多數企業而言，欲取得更多的資金，或是獲得更低的借款成本，也會更加注重 ESG永續發展的議題；另外，本研究也藉由雙重差分模型，探討政府強制企業揭露社會責任報告書對銀行放款的影響，實證結果發現強制揭露社會責任報告書，會導致放款利率 、放款規模及放款期間增加，而擔保品需求降低 。

This study examines the relationship between ESG scores and bank lending conditions using the lending data of Taiwan's listed companies from 2009 to 2019 and the ESG score data of Thomson Reuters Eikon. The empirical results show that the higher the ESG score of the company, the better the loan conditions obtained, that is, the bank will give the company with a high ESG score, a lower loan interest rate, a larger loan size, and less collateral required. And through leverage ratio, Z-Score and MTB ratio respectively, as proxy variables of high default risk of enterprises, it is found that companies with high default risk, if they have higher ESG scores, they can still obtain more favorable loan terms. Therefore, for most companies, if they want to obtain more funds or obtain lower borrowing costs, they will also pay more attention to the issue of ESG. In addition, this study also uses the Difference in Differences model to explore the impact of the government's mandatory disclosure of social responsibility reports on bank lending. The empirical results show that mandatory disclosure of social responsibility reports will lead to an increase in loan rate, loan size and loan period, and a decrease in the demand for collateral.

論文審定書 .......................................................................................................................i
誌謝 ..................................................................................................................................ii
摘要 .................................................................................................................................iii
ABSTRACT ................................................................................................................... iv
圖次 ................................................................................................................................vi
表次 ...............................................................................................................................vii
第一章 緒論 .....................................................................................................................1
第一節 研究背景 .........................................................................................................1
第二節 研究動機 .........................................................................................................5
第三節 研究目的及架構 .............................................................................................6
第二章 文獻回顧與研究假說建立 .................................................................................7
第一節 影響銀行放款因素 .........................................................................................7
第二節 ESG影響層面 .................................................................................................9
第三章 研究方法 ...........................................................................................................11
第一節 資料來源 .......................................................................................................11
第二節 變數定義 .......................................................................................................12
第三節 實證模型 .......................................................................................................18
第四章 實證結果分析 ...................................................................................................20
第一節 敘述統計及相關係數分析 ...........................................................................20
第二節 迴歸分析 .......................................................................................................21
第三節 雙重差分模型 ...............................................................................................23
第五章 結論與建議 .......................................................................................................24
參考文獻 ........................................................................................................................25

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