| 摘要: | 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. |
