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題名 債務集中度、ESG表現與銀行貸款成本的關聯性
The Association among Debt Concentration, ESG Performance and Cost of Bank Loans
作者 許珉馨
HSU, MIN-HSIN
貢獻者 戚務君
Chi, Wu-Chun
許珉馨
HSU, MIN-HSIN
關鍵詞 債務集中度
銀行貸款成本
ESG
Debt concentration
Cost of bank loans
ESG
日期 2024
上傳時間 5-Aug-2024 12:20:03 (UTC+8)
摘要 本研究主要探討企業債務集中程度對銀行貸款成本的影響，藉以了解銀行端對於債務集中度的看法。針對台灣市場特性與現今ESG浪潮，亦將樣本進一步進行分組，藉以探討企業ESG績效好壞對前述債務集中度與銀行貸款成本關聯性之影響。實證結果顯示，企業債務集中程度越高將導致銀行貸款利率上升，而企業良好ESG表現除了能降低銀行貸款成本，更有助於緩解此效果。綜上所述，本研究提供債務集中程度對銀行資金借貸確有負面影響之實證證據，並提供可能之解方與觀察。
This study primarily investigates the impact of corporate debt concentration on the cost of bank loans. Take into account the characteristics of the Taiwanese market and the current ESG trend, the sample is further grouped to examine the influence of corporate ESG performance on the relationship between debt concentration and bank loan costs. Empirical results indicate that higher levels of corporate debt concentration lead to increase bank loan interest rates, but good ESG performance can mitigate this effect. In summary, this study provides empirical evidence of the negative impact of debt concentration on bank lending, along with possible solutions and observations.
參考文獻 中文部分 Chen, M. H., & Wu, Y. H. (2024). ESG 第三方確信, 負面社會責任新聞報導與債務資金成本間之關聯性. 會計評論, (78), 1-43. 台灣董事學會 (2023)，「華人家族企業關鍵報告 2023」。https://twiod.org/index.php/tw/view-research/study-page/survey-page 李永全, & 馬黛. (2006). 台灣家族公司負債融資成本之研究. 管理評論, 25(3), 69-91. 金融監督管理委員會 (2022)，「綠色金融行動方案3.0」。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202209260001&dtable=News 金融監督管理委員會證券期貨局 (2024)，「公司治理3.0-永續發展藍圖」。https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884 倪衍森, & 廖容岑. (2006). 家族企業負債代理成本及股利政策之研究-以台灣上市公司為例. 管理與系統, 13(2), 153-179. 翁慈青, 葉依諭, & 王祥宏. (2020). 家族企業與政治關係對負債資金成本的影響. 台灣管理學刊, 20(2), 45-75. 英文部分 Acheampong, A., & Elshandidy, T. (2021). Does soft information determine credit risk? Text-based evidence from European banks. Journal of International Financial Markets, Institutions and Money, 75, 101303. Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263-285. Asquith, P., Gertner, R., & Scharfstein, D. (1994). Anatomy of Financial Distress - an Examination of Junk-Bond Issuers. Quarterly Journal of Economics, 109(3), 625-658. Ayotte, K. M., & Morrison, E. R. (2009). Creditor control and conflict in Chapter 11. Journal of Legal Analysis, 1(2), 511-551. Berger, A. N., & Udell, G. F. (1990). Collateral, loan quality and bank risk. Journal of Monetary Economics, 25(1), 21-42. Berger, A. N., & Udell, G. F. (1995). Relationship lending and lines of credit in small firm finance. Journal of Business, 351-381. Berglöf, E., & Von Thadden, E. L. (1994). Short-term versus long-term interests: Capital structure with multiple investors. The Quarterly Journal of Economics, 109(4), 1055-1084. Bharath, S. T., Dahiya, S., Saunders, A., & Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies, 24(4), 1141-1203. Bolton, P., & Scharfstein, D. S. (1996). Optimal debt structure and the number of creditors. Journal of Political Economy, 104(1), 1-25. Bozanic, Z., & Kraft, P. (2015). Qualitative corporate disclosure and credit analysts’ soft rating adjustments. European Accounting Review. Bris, A., & Welch, I. (2005). The optimal concentration of creditors. Journal of Finance, 60(5), 2193-2212. Castro, P., Keasey, K., Amor-Tapia, B., Tascon, M. T., & Vallascas, F. (2020). Does debt concentration depend on the risk-taking incentives in CEO compensation?. Journal of Corporate Finance, 64, 101684. Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247. Chen, C., & Li, M. (2023). Does digital finance impact debt concentration of Chinese firms? Applied Economics Letters, 30(7), 871–874. Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112. Clark, B., Donato, J., & Francis, B. B. (2023). Credit default swaps and debt specialization. Journal of Financial Intermediation, 54, 101029. Colla, P., Ippolito, F., & Li, K. (2013). Debt Specialization. Journal of Finance, 68(5), 2117-2141. Cornée, S. (2019). The relevance of soft information for predicting small business credit default: Evidence from a social bank. Journal of Small Business Management, 57(3), 699-719. Cortés, J. H., Tribó, J. A., & de las Mercedes Adamuz, M. (2020). Are syndicated loans truly less expensive?. Journal of Banking & Finance, 120, 105942. D'Aurizio, L., Oliviero, T., & Romano, L. (2015). Family firms, soft information and bank lending in a financial crisis. Journal of Corporate Finance, 33, 279-292. Dhaliwal, D., Hogan, C., Trezevant, R., & Wilkins, M. (2011). Internal control disclosures, monitoring, and the cost of debt. The Accounting Review, 86(4), 1131-1156. Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. 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ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607. 王佑鈞. (2023). How do banks charge on loans to firms with insiders borrowing from banks with share pledges?. 財務金融學刊, 31(2), 61-92.
描述 碩士
國立政治大學
會計學系
111353002
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353002
資料類型 thesis
dc.contributor.advisor 戚務君zh_TW
dc.contributor.advisor Chi, Wu-Chunen_US
dc.contributor.author (Authors) 許珉馨zh_TW
dc.contributor.author (Authors) HSU, MIN-HSINen_US
dc.creator (作者) 許珉馨zh_TW
dc.creator (作者) HSU, MIN-HSINen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 12:20:03 (UTC+8)-
dc.date.available 5-Aug-2024 12:20:03 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 12:20:03 (UTC+8)-
dc.identifier (Other Identifiers) G0111353002en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152476-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 111353002zh_TW
dc.description.abstract (摘要) 本研究主要探討企業債務集中程度對銀行貸款成本的影響，藉以了解銀行端對於債務集中度的看法。針對台灣市場特性與現今ESG浪潮，亦將樣本進一步進行分組，藉以探討企業ESG績效好壞對前述債務集中度與銀行貸款成本關聯性之影響。實證結果顯示，企業債務集中程度越高將導致銀行貸款利率上升，而企業良好ESG表現除了能降低銀行貸款成本，更有助於緩解此效果。綜上所述，本研究提供債務集中程度對銀行資金借貸確有負面影響之實證證據，並提供可能之解方與觀察。zh_TW
dc.description.abstract (摘要) This study primarily investigates the impact of corporate debt concentration on the cost of bank loans. Take into account the characteristics of the Taiwanese market and the current ESG trend, the sample is further grouped to examine the influence of corporate ESG performance on the relationship between debt concentration and bank loan costs. Empirical results indicate that higher levels of corporate debt concentration lead to increase bank loan interest rates, but good ESG performance can mitigate this effect. In summary, this study provides empirical evidence of the negative impact of debt concentration on bank lending, along with possible solutions and observations.en_US
dc.description.tableofcontents 第壹章　緒論 1 第一節　研究動機與目的 1 第二節　研究問題 4 第三節　研究架構 5 第貳章　文獻探討與研究假說建立 7 第一節　債務結構與債務集中度 7 第二節　ESG與債務資金成本 11 第參章　研究方法 15 第一節　實證模型建立 15 第二節　變數定義及衡量 16 第三節　資料來源與樣本選取 20 第肆章　實證結果 24 第一節　敘述性統計 24 第二節　單變量分析 26 第三節　相關係數分析 28 第四節　迴歸結果分析 31 第五節　敏感性測試 35 第六節　額外測試 39 第伍章　結論與建議 47 第一節　研究結論與建議 47 第二節　研究限制及後續研究建議 49 參考文獻 50 附錄一、敏感性測試 57 附錄二、額外測試一 60 附錄三、額外測試二 63zh_TW
dc.format.extent 2514471 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353002en_US
dc.subject (關鍵詞) 債務集中度zh_TW
dc.subject (關鍵詞) 銀行貸款成本zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) Debt concentrationen_US
dc.subject (關鍵詞) Cost of bank loansen_US
dc.subject (關鍵詞) ESGen_US
dc.title (題名) 債務集中度、ESG表現與銀行貸款成本的關聯性zh_TW
dc.title (題名) The Association among Debt Concentration, ESG Performance and Cost of Bank Loansen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分 Chen, M. H., & Wu, Y. H. (2024). ESG 第三方確信, 負面社會責任新聞報導與債務資金成本間之關聯性. 會計評論, (78), 1-43. 台灣董事學會 (2023)，「華人家族企業關鍵報告 2023」。https://twiod.org/index.php/tw/view-research/study-page/survey-page 李永全, & 馬黛. (2006). 台灣家族公司負債融資成本之研究. 管理評論, 25(3), 69-91. 金融監督管理委員會 (2022)，「綠色金融行動方案3.0」。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202209260001&dtable=News 金融監督管理委員會證券期貨局 (2024)，「公司治理3.0-永續發展藍圖」。https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884 倪衍森, & 廖容岑. (2006). 家族企業負債代理成本及股利政策之研究-以台灣上市公司為例. 管理與系統, 13(2), 153-179. 翁慈青, 葉依諭, & 王祥宏. (2020). 家族企業與政治關係對負債資金成本的影響. 台灣管理學刊, 20(2), 45-75. 英文部分 Acheampong, A., & Elshandidy, T. (2021). Does soft information determine credit risk? Text-based evidence from European banks. Journal of International Financial Markets, Institutions and Money, 75, 101303. Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263-285. Asquith, P., Gertner, R., & Scharfstein, D. (1994). Anatomy of Financial Distress - an Examination of Junk-Bond Issuers. Quarterly Journal of Economics, 109(3), 625-658. Ayotte, K. M., & Morrison, E. R. (2009). Creditor control and conflict in Chapter 11. Journal of Legal Analysis, 1(2), 511-551. Berger, A. N., & Udell, G. F. (1990). Collateral, loan quality and bank risk. Journal of Monetary Economics, 25(1), 21-42. Berger, A. N., & Udell, G. F. (1995). Relationship lending and lines of credit in small firm finance. Journal of Business, 351-381. Berglöf, E., & Von Thadden, E. L. (1994). Short-term versus long-term interests: Capital structure with multiple investors. The Quarterly Journal of Economics, 109(4), 1055-1084. Bharath, S. T., Dahiya, S., Saunders, A., & Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies, 24(4), 1141-1203. Bolton, P., & Scharfstein, D. S. (1996). 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