DSpace community: 企業管理研究所

企業永續資訊揭露與銀行貸款利率之實證研究;An Empirical Study on Corporate Sustainability Disclosure and Bank Loan Interest Rates

title: 企業永續資訊揭露與銀行貸款利率之實證研究;An Empirical Study on Corporate Sustainability Disclosure and Bank Loan Interest Rates abstract: 近年來，氣候變遷與永續發展已成為全球經濟體系中備受關注之關鍵議題。各國政府與金融監理機關紛紛推動永續金融相關政策，期望藉由引導資本流向具備環境、社會與公司治理（Environmental, Social, and Governance, ESG）績效之企業，以促進低碳轉型與實現可持續經濟發展目標。在此宏觀趨勢下，銀行於企業授信評估過程中，逐漸將永續表現納入風險評估準則，並據以調整貸款利率。然而，實務操作上，企業永續資訊揭露之完整性與一致性仍存顯著差異，加以ESG評估指標與標準尚未建立統一規範，導致資訊不對稱問題普遍存在，進而對銀行進行授信風險辨識與定價決策造成挑戰。有鑑於此，部分企業已開始引進第三方驗證機制，以提升其永續報告書揭露內容之可信度與透明度。惟目前驗證制度尚處發展初期，其是否具備實質風險調節效果，並能有效強化銀行於授信決策中對永續資訊之信賴程度，迄今仍缺乏具體且系統化之實證檢證，實有深入探討之必要。本研究旨在建構一套以企業永續發展績效與即時風險事件之量化分析架構，並納入永續報告書是否經第三方驗證作為調節變數，系統性探討永續資訊於銀行貸款利率定價機制中所扮演之角色。研究依據台灣企業永續評分與授信資料，透過迴歸分析與交互作用模型，實證檢驗企業ESG表現、負面事件風險及資訊驗證品質三者於授信條件中的實質影響。結果顯示，企業永續發展指標與銀行貸款利率間存在顯著負向關係，尤以環境與公司治理構面對融資成本具有最為顯著之影響，顯示銀行在風險評估時高度重視企業於碳排管理、資源使用效率及治理透明度等層面之表現；相較之下，社會構面則呈現正向關聯，可能反映銀行對企業於非核心事務資源配置之審慎評價。另方面，企業若於近期未涉入重大ESG負面事件，亦有助於降低其借貸利率，惟其效果相較TESG整體績效略為有限，顯示銀行對即時性風險訊號之反應仍相對保守。至於永續報告書第三方驗證之調節效果，實證結果並未顯示其能顯著強化TESG分數對貸款利率之影響，且於部分模型中甚至出現與預期方向相反之結果，可能反映當前驗證制度尚未於市場建立穩定之認知與信賴基礎，致使銀行對該資訊所傳遞之風險訊號存在詮釋分歧，進而削弱其作為資訊可信度補充機制之功能。綜上所述，企業永續表現已逐步內化為授信風險評估之重要構面，惟第三方驗證機制之信號價值仍有賴制度深化與市場成熟度之持續強化，方能發揮其作為風險資訊中介工具之實質功能。本研究之目的不僅在於建構整合永續績效與風險事件之授信評估架構，作為金融機構訂定貸款利率之參考依據，亦透過納入永續報告書第三方驗證作為調節變數，探討資訊可信度於永續金融決策中之實質作用。本研究在理論層面之貢獻，主要在於將企業永續發展績效指標與即時風險事件指標作為不同衡量面向進行分析，補足既有文獻聚焦單一面向之不足，並進一步檢驗第三方驗證制度之調節效果，豐富永續資訊使用機制之實證基礎。整體而言，本研究有助於深化對ESG資訊於授信風險評估中應用機制之理解，並為永續金融制度規劃與授信實務運作提供具體且可行之實證依據。;Climate change and sustainable development have become central issues in the global financial system. In response, governments and regulators are promoting sustainable finance to redirect capital toward firms with strong environmental, social, and governance (ESG) performance. Banks have increasingly incorporated sustainability factors into credit risk assessments and loan pricing. However, inconsistencies in ESG disclosures and the lack of standardized evaluation frameworks have created information asymmetries, posing challenges for credit decision-making. This study develops a quantitative framework focusing on firms’ ESG performance (TESG scores), which integrates ESG dimensional performance with adjustments for real-time risk events (ERS scores), as well as the role of third-party verification of sustainability reports, to examine their effects on bank loan interest rates. Using data from listed firms in Taiwan, regression and interaction analyses reveal that better sustainability performance is associated with lower borrowing costs, especially in the environmental and governance dimensions. In contrast, the social dimension shows a positive correlation, suggesting cautious bank assessments of non-core ESG activities. While fewer negative ESG events also reduce loan rates, their impact is relatively modest. Notably, third-party verification does not consistently strengthen the relationship between ESG performance and loan pricing, potentially due to limited market recognition of verification systems. The findings suggest that ESG performance is becoming a key factor in credit assessments, yet the signaling effect of verification remains weak. This research contributes to the literature by combining sustainability performance, event risk, and information credibility into a unified framework, offering practical implications for sustainable lending practices and policy development.

企業年齡在ESG績效關係中之角色;The Role of Firm Age in the ESG Performance Relationship

title: 企業年齡在ESG績效關係中之角色;The Role of Firm Age in the ESG Performance Relationship abstract: 本研究以 2016 年至 2024 年台灣上市上櫃公司為樣本，探討企業環境、社會與公司治理（Environmental, Social, and Governance, ESG）整體績效及三個構面，對權益資金成本與機構投資人持股比例之影響，並檢驗企業年齡（成立年數）是否具有調節效果。實證結果顯示，整體 ESG 績效、環機構面績效以及社會構面績效與權益資金成本之間呈顯著正向關係，其與企業年齡之交互效果顯示 ESG 對愈年輕企業具有較大的邊際影響力；相較之下，公司治理構面之效果未達統計顯著。此外，企業年齡與機構投資人持股比例呈顯著負向關係，且企業年齡顯著調節公司治理構面績效與機構投資人持股比例之關係。整體而言，本研究顯示 ESG 對資本市場之影響具有構面差異性，且企業年齡在部分情境下發揮調節作用，補充了既有文獻對企業年齡調節之實證證據。;This study examines Taiwanese listed and OTC-listed firms from 2016 to 2024 to investigate the effects of overall Environmental, Social, and Governance (ESG) performance and its three individual dimensions on the cost of equity capital and institutional ownership, and to test whether firm age (years since establishment) plays a moderating role. The empirical results show that overall ESG performance, environmental performance, and social performance are significantly and positively associated with the cost of equity capital, and the interaction effects with firm age indicate that ESG exerts a greater marginal impact on younger firms; in contrast, the effect of the governance dimension is not statistically significant. In addition, firm age is significantly negatively related to institutional ownership, and firm age significantly moderates the relationship between governance performance and institutional ownership. Overall, the findings suggest that the impact of ESG on capital markets differs across dimensions, and that firm age serves as a moderating factor in certain contexts, thereby providing additional empirical evidence to the existing literature on the moderating role of firm age.

當虛榮遇見偶像：情感反應如何推動廣告效果;When Vanity Meets Idols： How Affective Responses Drive Advertising Effectiveness.

title: 當虛榮遇見偶像：情感反應如何推動廣告效果;When Vanity Meets Idols： How Affective Responses Drive Advertising Effectiveness. abstract: 近年偶像文化深度嵌入年輕族群的自我形象建構與消費日常，韓流作為高度集中的「偶像崇拜」場域，使得「虛榮特質—偶像崇拜—情感—消費反應」的心理機制更值得被系統性釐清。然而，既有研究多聚焦偶像崇拜對單一消費結果的影響，較少同時從前因（如虛榮特質）與歷程（正/負向情感）角度建構中介機制，亦較缺乏對偶像內容框架與產品類型（提升外在/提升內在)之配適效應的整合驗證。本研究以國內大專院校學生為對象，採2 x 2組間實驗設計，操弄偶像介紹影片框架並搭配不同產品類型廣告，受試者配戴腦波儀觀看刺激後填答問卷，並結合路徑分析（PLS）、 MANOVA與多群組分析進行檢驗。本研究共分為六個研究：研究一建立整體路徑模型，檢驗虛榮特質如何影響偶像崇拜，以及偶像崇拜進一步影響情感與廣告效果；研究二以正向與負向情感為中介，檢定「偶像崇拜→情感反應→廣告效果」之間接機制；研究三以多群組分析檢驗不同框架與產品類型情境路徑係數是否存在差異；研究四以一致/不一致配置檢驗「偶像介紹框架x產品屬性」交互作用是否造成差異；研究五以MANOVA檢驗腦波在不同條件下的即時差異；研究六則以「雙重驗證」方式比對EEG與問卷結果，檢視客觀指標與主觀評估的一致性。本研究結果顯示（1）外表虛榮可顯著正向預測偶像崇拜，而成就虛榮未呈穩健顯著影響（2）偶像崇拜會提升正向情感並降低負向情感（3）在廣告效果上，正向情感可提升廣告態度與產品態度，但未必直接轉化為購買意願（4）負向情感對廣告效果之影響亦未獲支持（5）就「偶像介紹框架x產品屬性」配置而言，框架一致性對態度與意圖未呈顯著優勢，但不一致組在腦波專注與放鬆反應上高於一致組，顯示「適度不一致」可能提升心理反應與訊息處理強度（6）產品類型呈現調節作用：提升內在型產品情境下，情感較難轉化為態度與意圖；提升外在型產品情境下，正向情感可同時提升廣告態度、產品態度與購買意願。本研究從虛榮特質、情感歷程到神經反應提供整合證據，並對偶像行銷之框架策略與產品訴求配置提出具體可操作之建議。;In recent years, idol culture has become deeply embedded in young people’s identity construction and everyday consumption. As a highly concentrated arena of idol worship, the Hallyu (Korean Wave) context makes the psychological mechanism of “vanity traits–idol worship–affect-consumer responses” particularly worthy of systematic clarification. However, prior studies have largely focused on the impact of idol worship on a single consumption outcome, and have less often developed a mediation mechanism that simultaneously considers antecedents (e.g., vanity traits) and processes (positive/negative affect). Moreover, integrated tests of fit effects between idol-content framing and product types (outer-enhancement vs. inner-enhancement) remain limited. This study recruited Taiwanese university students and adopted a 2×2 between-subjects experimental design. Idol-introduction video framing was manipulated and paired with advertisements for different product types. Participants wore an EEG device while viewing the stimuli and then completed a questionnaire. Analyses combined PLS path analysis, MANOVA, and multi-group analysis. The thesis comprises six studies: Study 1 established the overall path model to examine how vanity traits influence idol worship and how idol worship further affects affective responses and advertising effectiveness; Study 2 tested the indirect mechanism of “idol worship → affect → advertising effectiveness” with positive and negative affect as mediators; Study 3 used multi-group analysis to assess whether path coefficients differed across framing and product-type contexts; Study 4 tested whether congruent versus incongruent configurations produced differences by examining the interaction between “framing × product attributes”; Study 5 employed MANOVA to test real-time differences in EEG-based Attention and Meditation across conditions; and Study 6 adopted a “dual-validation” approach to compare EEG indicators with questionnaire measures and evaluate the consistency between objective indices and subjective evaluations. The results indicate that (1) physical-appearance vanity significantly and positively predicts idol worship, whereas achievement vanity does not show a robust significant effect; (2) idol worship increases positive affect and decreases negative affect; (3) regarding advertising effectiveness, positive affect enhances ad attitude and product attitude but does not necessarily translate into purchase intention; (4) the effects of negative affect on advertising effectiveness are not supported; (5) for the “idol-framing × product-attribute” configuration, framing congruency shows no significant advantage for attitudes or intentions, but the incongruent group exhibits higher EEG-based attention and relaxation responses than the congruent group, suggesting that “moderate incongruency” may strengthen psychological responses and message processing; and (6) product type plays a moderating role: in the inner-enhancement product context, affect is less likely to convert into attitudes and intentions, whereas in the outer-enhancement product context, positive affect simultaneously increases ad attitude, product attitude, and purchase intention. Overall, this research provides integrated evidence spanning vanity traits, affective processes, and neurophysiological responses, and offers actionable implications for framing strategies and product appeal alignment in idol marketing.

消費者對綠色美容產品的購買意圖及願付溢價程度之研究;A Study on Consumers′ Purchase Intention and Willingness to Pay a Premium for Green Beauty Products

title: 消費者對綠色美容產品的購買意圖及願付溢價程度之研究;A Study on Consumers′ Purchase Intention and Willingness to Pay a Premium for Green Beauty Products abstract: 本研究旨在探討消費者對綠色美容產品的購買意圖與願付溢價程度，並深入分析健康意識與環保意識如何透過心理機制影響其消費態度與行為。隨著大眾對環境保護與個人健康的重視日益提升，綠色美容產品市場逐漸擴大，然而，高價格常成為影響實際購買行為的重要障礙，因此有必要釐清消費者溢價支付意願的形成機制。研究採用問卷調查法，共回收有效樣本246份，透過結構方程模型（SEM）進行分析，驗證六項研究假說，並納入性別作為調節變項以探討其對態度與行為間關係的影響。研究結果顯示，健康意識與環保意識分別透過對產品屬性的重視程度與自我效能感，間接影響消費者對綠色美容產品的態度；而態度進一步顯著影響其願付溢價程度。整體模型具良好適配度與預測力，驗證心理中介變數在意識與行為間的重要角色。至於性別的調節效果則未達顯著水準，可能與樣本結構或文化背景有關。本研究不僅補足過往對綠色美容產品溢價購買行為之研究缺口，亦提供企業在行銷策略、產品定位與消費者溝通上的實務建議，如可透過強化產品屬性訴求與自我效能感，促進正向態度並提高溢價購買意願。;This study aims to explore consumers’ purchase intentions and willingness to pay a premium for green beauty products, with a focus on how health consciousness and environmental awareness influence consumer attitudes and behaviors through psychological mechanisms. As public concern for environmental protection and personal health continues to rise, the market for green beauty products is expanding. However, high prices often pose a significant barrier to actual purchasing behavior, making it necessary to clarify the underlying mechanisms that drive consumers’ willingness to pay a premium. Using a questionnaire survey method, this study collected 246 valid responses. Structural Equation Modeling (SEM) was employed to test six research hypotheses, with gender included as a moderating variable to examine its effect on the relationship between attitudes and behavior. The results indicate that health consciousness and environmental awareness indirectly affect consumer attitudes toward green beauty products through the perceived importance of product attributes and self-efficacy, respectively. Attitude, in turn, significantly influences willingness to pay a premium. The overall model demonstrated good fit and predictive power, confirming the critical role of psychological mediators between awareness and behavior. However, the moderating effect of gender was not statistically significant, possibly due to sample composition or cultural factors. This study fills a gap in the literature regarding premium purchasing behavior for green beauty products and offers practical insights for businesses in marketing strategy, product positioning, and consumer communication. For instance, enhancing product attribute appeal and consumer self-efficacy can foster more positive attitudes and increase willingness to pay a premium.