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研究生： 張哲明
Chang, Che-Ming
論文名稱： 企業環境信息披露與銀行貸款
Corporate Environmental Information Disclosure and Bank Loans
指導教授： 謝佩芳
Hsieh, Pei-Fang
口試委員: 潘虹華
Pan, Hung-Hua
王衍智
Wang, Yan-Zhi
林瑞嘉
Lin, Jui-Chia
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 計量財務金融學系
Department of Quantitative Finance
論文出版年： 2022
畢業學年度： 110
語文別： 英文
論文頁數： 44
中文關鍵詞： 環境信息披露質量 、銀行貸款 、違約風險 、範疇三
外文關鍵詞： quality of environmental disclosure, bank loan rate, default risk, Scope 3
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    • 摘要
    本論文調查台灣上市公司中銀行貸款機構對環境信息披露質量較高的公司收取的利率是否會顯著降低，發現碳揭露詳細類別報告質量較高的公司的銀行貸款利率明顯較低，且信用等級較高。本文提供的證據表明，由於信息不對稱的減少、財務限制的降低和產權的加強，以及銀行貸款的改善，將對於企業環境信息披露對企業的債務成本和降低違約風險具有正面影響。

    Abstract
    I investigate that bank loan lenders charge a significantly lower interest rate to firm with higher quality of environmental information disclosures. Using the divergence of Carbon disclosure of Taiwan listed firms, I find that the firms with higher reporting quality of detailed categories of Carbon disclosures have significantly lower bank loan rates and higher credit ranks. This paper provides the evidence that the corporate environmental information disclosures has positive impact on firms’ cost of debt and lower the default risk. The improvement of bank loans due to the reduction of the information asymmetry, lower financial constraints and strengthening of the property rights.

    Contents Abstract ii 1. Introduction 1 2. Literature review 4 3. Data 12 4. Empirical result 15 5. Conclusion 20 Reference 22 List of Figures Figure 1. Recommendations and Supporting Recommended Disclosures 25 Figure 2. Climate-Related Risks, Opportunities, and Financial Impacts 26 List of Tables Table 1. Summary statistic 27 Table 2. Firm characteristics comparison before environmental disclosure 28 Table 3. Regression of bank loan rate against environmental disclosure 29 Table 4. Effect of SEC declaration on mandatory disclosure news 30 Table 5. Channel of the environmental disclosure on bank loan rate 1 31 Table 6. Channel of the environmental disclosure on bank loan rate 2 32 Table 7. Channel of the environmental disclosure on bank loan rate 3 33 Table 8. Channel of the environmental disclosure on bank loan rate 4 34 List of Appendix Appendix A. Bank loan released ratio 35 Appendix B. Variable descriptions 38 Appendix C. Scope 3 disclosure name list 40 Appendix D. Other environmental disclosure regressions for bank loan rate 43 Appendix E. Another indicator in environmental disclosure regressions 44

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