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題名 銀行往來關係對綠色金融之影響
The Effect of Bank Relationships on Green Finance
作者 陳柏硯
Chen, Po-Yen
貢獻者 翁嘉祥
陳柏硯
Chen, Po-Yen
關鍵詞 綠色聯貸
資金成本
銀行往來關係
ESG表現
Green syndication
Capital cost
Bank relationships
ESG performance
日期 2024
上傳時間 5-Aug-2024 12:23:57 (UTC+8)
摘要 本研究探討企業取得綠色聯貸的資金成本是否受到銀行往來關係的影響，研究對象為1990年到2024年臺灣(曾)上市、上櫃、興櫃公司的聯貸。實證結果發現，銀行往來關係較緊密的企業，可自聯貸取得較低的資金成本，但不因是否為綠色聯貸而有顯著差異。然而，企業的ESG分數並不顯著影響銀行往來關係對綠色聯貸資金成本的關係。實證結果暗示，比起ESG分數，銀行往來關係仍顯著影響綠色聯貸放款條件。先前已有文章探討企業的ESG表現如何影響自綠色金融取得的資金成本，也有文章探討銀行往來關係對貸款的影響。而本研究將兩個議題結合，藉此瞭解綠色金融是否仍受到銀行往來關係的影響。
The primary objective of this study is to examine whether bank relationships influence the cost of debt capital for firms who obtained green capital from syndicated loans. The sample comprises syndicated loan deals of companies whose stocks were traded on Taiwan Stock Exchange Corporation or Taipei Exchange between 1990 and 2024. Empirical evidence indicates that enterprises with stronger bank relationships can obtain lower capital costs from syndicated loans, regardless of whether the loan is green. However, the enterprise's ESG score does not significantly impact the effect of bank relationships on capital costs from green syndicated loans. The empirical results suggest that, after considering ESG scores, bank relationships still significantly influence the terms of green syndicated loans. While several studies have already explored how enterprises' ESG performance affects capital costs in green finance and the effect of bank relationships on loans, this study uniquely combines these two issues to understand whether green finance is still influenced by bank relationships.
參考文獻 第一節 中文部分 風傳媒，2019.11.22，責任投資與責任放貸—金融業的責任與機會，TWSE公司治理中心，https://cgc.twse.com.tw/latestNews/promoteNewsArticleCh/3483，擷取日期：2023年10月22日。 徐守德、陳勤明、洪志興，2013，建構金融機構關係下之不動抵押貸款價值模型，中山管理評論，第21卷第4期 (12月)：769-798。DOI: 10.6160/2013.12.03 許永欽、李裕勳，2022，ESG發展趨勢下金融業之機會與挑戰，金融聯合徵信雜誌，第40期 (6月)：21-28。https://www.jcic.org.tw/main_ch/magazinePage.aspx?uid=215&pid=190 陳家彬、賴怡洵，2003，銀行往來關係和授信行為之研究，經濟論文，第31卷第3期 (9月)：497-539。https://doi.org/10.29628/AEP.200309.0008 曾昭玲，2016，企業之不對稱資訊、銀行往來關係及直接與間接融資，臺大管理論叢，第26卷第3期 (9月)：119-150。DOI: 10.6226/NTUMR.2016.SEP.A102-055 鄭宇茹，2022.6.7，什麼是永續連結貸款、轉型金融？跟企業ESG績效的關聯是什麼？，CSR@天下，https://csr.cw.com.tw/article/42578，擷取日期：2023年10月22日。 證券櫃檯買賣中心，永續發展債券制度介紹，https://www.tpex.org.tw/web/bond/sustainability/institution.php?l=zh-tw，擷取日期：2023年10月29日。 第二節 外文部分 Bharath, S. T., Dahiya, S., Saunders, A., and Srinivasan, A. 2011. Lending relationships and loan contract terms. The Review of Financial Studies 24(4)(April): 1141–1203. https://doi.org/10.1093/rfs/hhp064 Bolton, P., and Kacperczyk, M. 2021. Do Investors Care about Carbon Risk?. Journal of Financial Economics 142(2)(Novenber): 517–549. https://doi.org/10.1016/j.jfineco.2021.05.008 Chan, A. L. C., Jian, Y. T., Yueh, M. L., and Hsieh, Y. T. 2018. The effect of the board of directors' banking experience on syndicated loan features. Journal of Contemporary Accounting 19(1)(May): 41-75. https://doi.org/10.6675/JCA.201805_19(1).02 Di Giuli, A., and Kostovetsky, L. 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics 111(1)(January): 158-180. https://doi.org/10.1016/j.jfineco.2013.10.002 Duan, T., Li, F. W., and Wen, Q. 2023. Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?. Journal of Financial and Quantitative Analysis (June): 1-52. https://doi.org/110.1017/S0022109023000832 Houston, J. F., Shan, H. 2022. Corporate ESG Profiles and Banking Relationships. The Review of Financial Studies 35(7)(July): 3373-3417. https://doi.org/10.1093/rfs/hhab125 Lang, M. H., and Lundholm, R. J. 1996. Corporate Disclosure Policy and Analyst Behavior. The Accounting Review 71(4)(October), 467–492. http://www.jstor.org/stable/248567 LSEG Loan Connector. 2024. LSEG Loan Connector User Guide, Retrieved from https://www.loanconnector.com/UserGuide/Index on May 12,2024 Li, Z., and Wang, P. 2022. Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?. European Financial Management 28(3)(June): 771-808. https://doi.org/10.1111/eufm.12327 Luo, D. 2022. ESG, liquidity, and stock returns. Journal of International Financial Markets, Institutions and Money 78(May): 1-21. https://doi.org/10.1016/j.intfin.2022.101526 Petersen, M. A., Rajan, R. G. 1994. The Benefits of Lending Relationships: Evidence from Small Business Data. The Journal of Finance 49(1)(March): 3-37. https://doi.org/10.1111/j.1540-6261.1994.tb04418.x Pohl, C., Schüler, G., and Schiereck, D. 2023. Borrower- and lender-specific determinants in the pricing of sustainability-linked loans. Journal of Cleaner Production 385(January). https://doi.org/10.1016/j.jclepro.2022.135652 Qian, K., Shi, B., Song, Y., and Wu, H. 2023. ESG performance and loan contracting in an emerging market. Pacific-Basin Finance Journal 78(April). https://doi.org/10.1016/j.pacfin.2023.101973 Schenone, C. 2010. Lending Relationships and Information Rents: Do Banks Exploit Their Information Advantages?. The Review of Financial Studies 23(3)(March): 1149-1199. https://doi.org/10.1093/rfs/hhp080 Sufi, A. 2007. Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance 62(2)(April): 629-668. https://doi.org/10.1111/j.1540-6261.2007.01219.x Wang, K., Li, T., San, Z., and Gao, H. 2023. How does corporate ESG performance affect stock liquidity? Evidence from China. Pacific-Basin Finance Journal 80(September). https://doi.org/10.1016/j.pacfin.2023.102087
描述 碩士
國立政治大學
會計學系
111353104
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353104
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.author (Authors) 陳柏硯zh_TW
dc.contributor.author (Authors) Chen, Po-Yenen_US
dc.creator (作者) 陳柏硯zh_TW
dc.creator (作者) Chen, Po-Yenen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 12:23:57 (UTC+8)-
dc.date.available 5-Aug-2024 12:23:57 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 12:23:57 (UTC+8)-
dc.identifier (Other Identifiers) G0111353104en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152499-
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) 111353104zh_TW
dc.description.abstract (摘要) 本研究探討企業取得綠色聯貸的資金成本是否受到銀行往來關係的影響，研究對象為1990年到2024年臺灣(曾)上市、上櫃、興櫃公司的聯貸。實證結果發現，銀行往來關係較緊密的企業，可自聯貸取得較低的資金成本，但不因是否為綠色聯貸而有顯著差異。然而，企業的ESG分數並不顯著影響銀行往來關係對綠色聯貸資金成本的關係。實證結果暗示，比起ESG分數，銀行往來關係仍顯著影響綠色聯貸放款條件。先前已有文章探討企業的ESG表現如何影響自綠色金融取得的資金成本，也有文章探討銀行往來關係對貸款的影響。而本研究將兩個議題結合，藉此瞭解綠色金融是否仍受到銀行往來關係的影響。zh_TW
dc.description.abstract (摘要) The primary objective of this study is to examine whether bank relationships influence the cost of debt capital for firms who obtained green capital from syndicated loans. The sample comprises syndicated loan deals of companies whose stocks were traded on Taiwan Stock Exchange Corporation or Taipei Exchange between 1990 and 2024. Empirical evidence indicates that enterprises with stronger bank relationships can obtain lower capital costs from syndicated loans, regardless of whether the loan is green. However, the enterprise's ESG score does not significantly impact the effect of bank relationships on capital costs from green syndicated loans. The empirical results suggest that, after considering ESG scores, bank relationships still significantly influence the terms of green syndicated loans. While several studies have already explored how enterprises' ESG performance affects capital costs in green finance and the effect of bank relationships on loans, this study uniquely combines these two issues to understand whether green finance is still influenced by bank relationships.en_US
dc.description.tableofcontents 壹、 緒論 1 貳、 文獻探討與假說發展 5 一、 企業ESG表現對資本成本之影響 5 二、 銀行往來關係與資訊不對稱 7 三、 研究假說 9 參、 研究方法 11 一、 研究樣本 11 二、 變數之定義與衡量 14 三、 分析模型 18 肆、 實證結果與分析 20 一、 敘述性統計 20 二、 迴歸結果分析 26 伍、 額外測試 42 一、 刪除樣本數較少的年度資料 42 二、 刪除無ESG分數的樣本 52 陸、 結論與建議 57 一、 結論 57 二、 研究限制 59 參考文獻 60 第一節 中文部分 60 第二節 外文部分 60zh_TW
dc.format.extent 3699440 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353104en_US
dc.subject (關鍵詞) 綠色聯貸zh_TW
dc.subject (關鍵詞) 資金成本zh_TW
dc.subject (關鍵詞) 銀行往來關係zh_TW
dc.subject (關鍵詞) ESG表現zh_TW
dc.subject (關鍵詞) Green syndicationen_US
dc.subject (關鍵詞) Capital costen_US
dc.subject (關鍵詞) Bank relationshipsen_US
dc.subject (關鍵詞) ESG performanceen_US
dc.title (題名) 銀行往來關係對綠色金融之影響zh_TW
dc.title (題名) The Effect of Bank Relationships on Green Financeen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 第一節 中文部分 風傳媒，2019.11.22，責任投資與責任放貸—金融業的責任與機會，TWSE公司治理中心，https://cgc.twse.com.tw/latestNews/promoteNewsArticleCh/3483，擷取日期：2023年10月22日。 徐守德、陳勤明、洪志興，2013，建構金融機構關係下之不動抵押貸款價值模型，中山管理評論，第21卷第4期 (12月)：769-798。DOI: 10.6160/2013.12.03 許永欽、李裕勳，2022，ESG發展趨勢下金融業之機會與挑戰，金融聯合徵信雜誌，第40期 (6月)：21-28。https://www.jcic.org.tw/main_ch/magazinePage.aspx?uid=215&pid=190 陳家彬、賴怡洵，2003，銀行往來關係和授信行為之研究，經濟論文，第31卷第3期 (9月)：497-539。https://doi.org/10.29628/AEP.200309.0008 曾昭玲，2016，企業之不對稱資訊、銀行往來關係及直接與間接融資，臺大管理論叢，第26卷第3期 (9月)：119-150。DOI: 10.6226/NTUMR.2016.SEP.A102-055 鄭宇茹，2022.6.7，什麼是永續連結貸款、轉型金融？跟企業ESG績效的關聯是什麼？，CSR@天下，https://csr.cw.com.tw/article/42578，擷取日期：2023年10月22日。 證券櫃檯買賣中心，永續發展債券制度介紹，https://www.tpex.org.tw/web/bond/sustainability/institution.php?l=zh-tw，擷取日期：2023年10月29日。 第二節 外文部分 Bharath, S. T., Dahiya, S., Saunders, A., and Srinivasan, A. 2011. Lending relationships and loan contract terms. The Review of Financial Studies 24(4)(April): 1141–1203. https://doi.org/10.1093/rfs/hhp064 Bolton, P., and Kacperczyk, M. 2021. Do Investors Care about Carbon Risk?. Journal of Financial Economics 142(2)(Novenber): 517–549. https://doi.org/10.1016/j.jfineco.2021.05.008 Chan, A. L. C., Jian, Y. T., Yueh, M. L., and Hsieh, Y. T. 2018. The effect of the board of directors' banking experience on syndicated loan features. Journal of Contemporary Accounting 19(1)(May): 41-75. https://doi.org/10.6675/JCA.201805_19(1).02 Di Giuli, A., and Kostovetsky, L. 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics 111(1)(January): 158-180. https://doi.org/10.1016/j.jfineco.2013.10.002 Duan, T., Li, F. W., and Wen, Q. 2023. Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?. Journal of Financial and Quantitative Analysis (June): 1-52. https://doi.org/110.1017/S0022109023000832 Houston, J. F., Shan, H. 2022. Corporate ESG Profiles and Banking Relationships. The Review of Financial Studies 35(7)(July): 3373-3417. https://doi.org/10.1093/rfs/hhab125 Lang, M. H., and Lundholm, R. J. 1996. Corporate Disclosure Policy and Analyst Behavior. The Accounting Review 71(4)(October), 467–492. http://www.jstor.org/stable/248567 LSEG Loan Connector. 2024. LSEG Loan Connector User Guide, Retrieved from https://www.loanconnector.com/UserGuide/Index on May 12,2024 Li, Z., and Wang, P. 2022. Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?. European Financial Management 28(3)(June): 771-808. https://doi.org/10.1111/eufm.12327 Luo, D. 2022. ESG, liquidity, and stock returns. Journal of International Financial Markets, Institutions and Money 78(May): 1-21. https://doi.org/10.1016/j.intfin.2022.101526 Petersen, M. A., Rajan, R. G. 1994. The Benefits of Lending Relationships: Evidence from Small Business Data. The Journal of Finance 49(1)(March): 3-37. https://doi.org/10.1111/j.1540-6261.1994.tb04418.x Pohl, C., Schüler, G., and Schiereck, D. 2023. Borrower- and lender-specific determinants in the pricing of sustainability-linked loans. Journal of Cleaner Production 385(January). https://doi.org/10.1016/j.jclepro.2022.135652 Qian, K., Shi, B., Song, Y., and Wu, H. 2023. ESG performance and loan contracting in an emerging market. Pacific-Basin Finance Journal 78(April). https://doi.org/10.1016/j.pacfin.2023.101973 Schenone, C. 2010. Lending Relationships and Information Rents: Do Banks Exploit Their Information Advantages?. The Review of Financial Studies 23(3)(March): 1149-1199. https://doi.org/10.1093/rfs/hhp080 Sufi, A. 2007. Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance 62(2)(April): 629-668. https://doi.org/10.1111/j.1540-6261.2007.01219.x Wang, K., Li, T., San, Z., and Gao, H. 2023. How does corporate ESG performance affect stock liquidity? Evidence from China. Pacific-Basin Finance Journal 80(September). https://doi.org/10.1016/j.pacfin.2023.102087zh_TW