永續發展已成為全球共識，綠色債券作為促進永續發展的關鍵融資工具，其殖利率溢酬存在與否在學界尚未達成共識。本研究以台灣公司債為樣本，探討公司債到期殖利率與多項經濟指標及企業績效之間的關係。研究結果發現，綠色債券殖利率相較傳統債券享有較高正溢酬，證實綠色債券殖利率溢酬之存在；並在經過穩健性測試（PSM配對法）後，結果仍保一致。反應我國投資者對於綠色債券的風險評估較高，較不會為了綠色特性犧牲收益，故而要求比傳統債券更高的報酬率。因此，本研究建議我國應持續促進綠色債券市場發展並鼓勵政府參與，以擴大市場規模，強化投資人永續金融概念。

Sustainable development has become a global consensus. However, the empirical research examining whether interest rate premiums for green bonds exist has mixed results. In this study, using Taiwan corporate bonds as a sample, we explore the relationship between the maturity yields of corporate bonds and several economic indicators and corporate performance. The study results show that green bonds have higher positive yield premiums than conventional bonds, which confirms the existence of green bond yield premiums, and the results remain consistent after using the PSM matching method. These results suggest that investors in Taiwan have a higher risk assessment of green bonds and are less likely to sacrifice their returns for green features, therefore demanding a higher rate of return than conventional bonds. Thus, this study suggests that Taiwan should continue to promote the development of the green bond market and encourage government participation to expand the market size and strengthen the concept of sustainable finance among investors.

論文審定書 i
致謝 ii
摘要 iii
Abstract iv
1. Introduction 1
1-1. Motivation and Background 1
1-2. Research Purpose 5
2. Literature Review 7
2-1. The Rise of Green Bonds 9
2-2. Definition and Criteria of Green Bonds 10
2-2-1. International Definitions 10
2-2-2. The Definition of Green Bonds in Taiwan 15
2-3. Impact of Green Bonds and Motivation of Relevant Participants 19
2-3-1. Impact of Green Bonds 19
2-3-2. Motivation of Green Bond Related Participants 23
2-4. Global Green Bond Market Status 25
2-4-1. International Green Bond Market 25
2-4-2. The Green Bond Market in Taiwan 41
2-5. Global Green Bond Yield Spread 43
3. Research Methods 49
3-1. Basic Model 49
3-2. Data and Samples 52
3-3. Robustness Analysis 56
3-3-1. PSM Matching Method 56
3-3-2. Absolute Matching Method 56
4. Research Results 58
4-1. Statistics and Correlation Coefficients 58
4-2. Empirical Results 62
4-2-1. Basic Model 62
4-2-2. Robustness Analysis 64
5. Conclusion and Recommendations 67
5-1. Conclusion 67
5-2. Research Limitations and Recommendations 69
References 70
Appendix A: Definitions and Application Procedures for CBS, GBP and EUGBS 73
A-1: "Climate Bonds Standard" (CBS) 73
A-2: "Green Bond Principles" (GBP) 77
A-3: "European Union Green Bond Standard" (EUGBS) 81
Appendix B: Taiwan's detailed definition and application process for sustainable development bonds 84
B-1: Sustainable Development Targeted Funding Bonds 85
B-2: Sustainability-Linked Bond (SLB) 87
B-3: Procedures for the issuance of sustainable development bonds 88
Appendix C: Company name and stock code of the issuer 91

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