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題名 金融機構發行綠色債券對機構本身及借款廠商的影響
Impacts of Green Bonds Issued by Financial Institutions作者 侯善元
Hou, Shan-Yuan貢獻者 何靜嫺
Ho, Shirley J.
侯善元
Hou, Shan-Yuan關鍵詞 綠色債券
銀行
環境永續
ESG
面板資料模型
Green Bond
Banks
Sustainable environment
ESG
Panel Data Models日期 2024 上傳時間 5-八月-2024 13:37:18 (UTC+8) 摘要 隨著全球對於環境保護的重視，政府除了制定政策要求企業降低排放量之外，也可以透過金融機構或是行業的龍頭企業來帶動不同環境的改善。金融機構發行綠色債券就是一個例子。過去的文獻大多在探討綠色債券與普通債券的差別。我們的研究主要聚焦於金融機構發行綠色債券對於其本身在環境表現、財務績效以及股東衝突方面是否有影響。並且我們也分析銀行發行綠色債券，是否對與銀行有借貸關係的企業，在環境表現、財務績效以及股東衝突方面有影響。 根據我們的研究結果顯示，銀行發行綠色債券對於其本身在環境表現、財務績效以及股東衝突方面都有明顯的影響。尤其是在TESG分數上有顯著的正向影響。此外銀行發行綠色債券，對於有項銀行借貸的企業也有影響。尤其是在Social Score以及Governance Score上有顯著的正向影響。除了這些研究之外，我們也分析其他相關變數，來進一步了解綠色債券如何影響企業的長期可持續性與投資決策。 這些研究結果替政策制定者及投資者提供有力的數據支持。表明綠色金融工具不僅可以促進環境保護，還能改善市場的整體健康和公司治理。
With increasing global emphasis on environmental protection, governments are not only implementing policies requiring businesses to reduce emissions but are also using financial institutions and industry leaders to drive environmental improvements across various sectors. Past literature has primarily focused on the differences between green bonds and conventional bonds. Our main research centers on the impact of financial institutions issuing green bonds on their environmental performance, financial performance, and shareholder conflicts. Additionally, we analyzed whether banks issuing green bonds affect the environmental performance, financial performance, and shareholder conflicts of companies that have borrowing relationships with these banks. Our findings show that the issuance of green bonds by banks significantly impacts their environmental performance, financial performance, and shareholder conflicts, particularly with a notable positive effect on TESG scores. Furthermore, banks issuing green bonds also affect companies that borrow from them, especially in terms of their Social Score and Governance Score. Beyond studying the impact of issuing green bonds on companies, we also utilized other relevant variables to further understand how green bonds affect the long-term sustainability and investment decisions of companies. These results provide robust data support for policymakers and investors, demonstrating that green financial instruments can not only promote environmental protection but also improve the overall health of financial markets and corporate governance. As the green bond market develops, we can anticipate its greater impact in driving companies towards green transformation.參考文獻 Alonso-Conde, A. B., & Rojo-Suárez, J. (2020). On the effect of green bonds on the profitability. and credit quality of project financing. Sustainability, 12(16), 6695. Baker, M., Bergstresser, D., Serafeim, G., & Wurgler, J. (2022). The pricing and ownership of. US green bonds. Annual Review of Financial Economics, 14, 415-437. Baulkaran, V. (2019). Stock market reaction to green bond issuance. Journal of Asset Management, 20(5), 331-340. Bedendo, M., Nocera, G., & Siming, L. (2023). Greening the financial sector: Evidence from. bank green bonds. Journal of Business Ethics, 188(2), 259-279. Broadstock, D. C., & Cheng, L. T. (2019). Time-varying relation between black and green. bond price benchmarks: Macroeconomic determinants for the first decade. Finance research letters, 29, 17-22. Chen Fu-Pao (2020) Exploring the Impact of Short Term Price Competition on Telecom Stock. Prices by Using Event Study Chen, T., Dong, H., & Lin, C. (2020). Institutional shareholders and corporate social. responsibility. Journal of Financial Economics, 135(2), 483-504 Daubanes, J. X., Mitali, S. F., & Rochet, J. C. (2021). Why do firms issue green bonds?. Swiss Finance Institute Research Paper, (21-97). Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of financial economics, 131(3), 693-714. Ehlers, T., & Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review. September. Ehlers, T., Mojon, B., & Packer, F. (2020). Green bonds and carbon emissions: exploring the. case for a rating system at the firm level. BIS Quarterly Review, September. ElBannan, M. A., & Löffler, G. (2024). How effectively do green bonds help the. environment? Journal of Banking & Finance, 158, 107051. Febi, W., Schäfer, D., Stephan, A., & Sun, C. (2018). The impact of liquidity risk on the yield spread of green bonds. Finance Research Letters, 27, 53-59. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Glavas, D. (2018). How do stock prices react to green bond issuance announcements? Glavas, D.(2020). Green Regulation and Stock Price Reaction to Green Bond Issuance. Finance, 1(1), 7-51. Granger, C. W., & Newbold, P. (1974). Spurious regressions in econometrics. Journal of. econometrics, 2(2), 111-120. Houston, J. F., & Shan, H. (2022). Corporate ESG profiles and banking relationships. The. Review of Financial Studies, 35(7), 3373-3417. Hasan, I., Lee, H., Qiu, B., & Saunders, A. (2023). Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance. Bank of Finland Research Discussion Paper, (7). Hachenberg, B., & Schiereck, D. (2018). Are green bonds priced differently from conventional. bonds?. Journal of Asset Management, 19, 371-383. Hadaś-Dyduch, M., Puszer, B., Czech, M., & Cichy, J. (2022). Green bonds as an instrument. for financing ecological investments in the V4 countries. Sustainability, 14(19), 12188. Jin, J., Han, L., Wu, L., & Zeng, H. (2020). The hedging effect of green bonds on carbon market risk. International Review of Financial Analysis, 71, 101509. Jirata, M. T. (2018). Estimation of Panel Data Regression Models with Individual Effects (Doctoral dissertation, JKUAT-PAUSTI). Julien Mazzacurati (2021) Environmental impact and liquidity of green bonds Karpf, A., & Mandel, A. (2017). Does it pay to be green?. Available at SSRN 2923484. Karpf, A., & Mandel, A. (2018). The changing value of the ‘green’label on the US municipal bond market. Nature Climate Change, 8(2), 161-165. Kontz, C. (2023). Do ESG investors care about carbon emissions? Evidence from securitized. auto loans. Evidence From Securitized Auto Loans (February 13, 2023). Larcker, D. F., & Watts, E. M. (2020). Where's the greenium?. Journal of Accounting and. Economics, 69(2-3), 101312. Liu, N., Liu, C., Da, B., Zhang, T., & Guan, F. (2021). Dependence and risk spillovers between green bonds and clean energy markets. Journal of Cleaner Production, 279, 123595. M.J. Blauw (2021) Green bonds, cost of equity, and corporate financial performance: A Difference in Difference analysis Nabil, M. (2023). The Impact of Green Bonds on Banking Sector Performance: A Comparative Study on Developed and Emerging Markets. Journal of Applied Finance & Banking, 13(3), 67-85. Nelson, C. R., & Plosser, C. R. (1982). Trends and random walks in macroeconmic time series: some evidence and implications. Journal of monetary economics, 10(2), 139-162. Partridge, C., & Medda, F. R. (2020). The evolution of pricing performance of green municipal. bonds. Journal of Sustainable Finance & Investment, 10(1), 44-64. Pietsch, A., & Salakhova, D. (2022). Pricing of green bonds: drivers and dynamics of the greenium. Shehab, A. R. (2021). Environmental, social and governance (ESG) considerations in real estate investments. Impact of environmental performance disclosure, activities and score on financial performance of SIIQ. Song, X., Deng, X., & Wu, R. (2019). Comparing the influence of green credit on commercial bank profitability in China and abroad: empirical test based on a dynamic panel system using GMM. International Journal of Financial Studies, 7(4), 64. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of. Corporate Finance, 61, 101427. Tzu-Chun Chen (2018). The Announcement Effect of Green Corporate Bond Issuance Wicaksono, K. A. (2023). The Impact Of Green Bond Issuance And ESG Performance On Firm Profitability: Evidence From Listed Companies In China, South Korea And Thailand. Cakrawala Repositori IMWI, 6(6), 2604-2628. Yeow, K. E., & Ng, S. H. (2021). The impact of green bonds on corporate environmental and financial performance. Managerial Finance, 47(10), 1486-1510. Zhang, R., Li, Y., & Liu, Y. (2021). Green bond issuance and corporate cost of capital. Pacific-Basin Finance Journal, 69, 101626. Zhou, X., & Cui, Y. (2019). Green bonds, corporate performance, and corporate social responsibility. Sustainability, 11(23), 6881. 描述 碩士
國立政治大學
經濟學系
111258024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111258024 資料類型 thesis dc.contributor.advisor 何靜嫺 zh_TW dc.contributor.advisor Ho, Shirley J. en_US dc.contributor.author (作者) 侯善元 zh_TW dc.contributor.author (作者) Hou, Shan-Yuan en_US dc.creator (作者) 侯善元 zh_TW dc.creator (作者) Hou, Shan-Yuan en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-八月-2024 13:37:18 (UTC+8) - dc.date.available 5-八月-2024 13:37:18 (UTC+8) - dc.date.issued (上傳時間) 5-八月-2024 13:37:18 (UTC+8) - dc.identifier (其他 識別碼) G0111258024 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152703 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 111258024 zh_TW dc.description.abstract (摘要) 隨著全球對於環境保護的重視，政府除了制定政策要求企業降低排放量之外，也可以透過金融機構或是行業的龍頭企業來帶動不同環境的改善。金融機構發行綠色債券就是一個例子。過去的文獻大多在探討綠色債券與普通債券的差別。我們的研究主要聚焦於金融機構發行綠色債券對於其本身在環境表現、財務績效以及股東衝突方面是否有影響。並且我們也分析銀行發行綠色債券，是否對與銀行有借貸關係的企業，在環境表現、財務績效以及股東衝突方面有影響。 根據我們的研究結果顯示，銀行發行綠色債券對於其本身在環境表現、財務績效以及股東衝突方面都有明顯的影響。尤其是在TESG分數上有顯著的正向影響。此外銀行發行綠色債券，對於有項銀行借貸的企業也有影響。尤其是在Social Score以及Governance Score上有顯著的正向影響。除了這些研究之外，我們也分析其他相關變數，來進一步了解綠色債券如何影響企業的長期可持續性與投資決策。 這些研究結果替政策制定者及投資者提供有力的數據支持。表明綠色金融工具不僅可以促進環境保護，還能改善市場的整體健康和公司治理。 zh_TW dc.description.abstract (摘要) With increasing global emphasis on environmental protection, governments are not only implementing policies requiring businesses to reduce emissions but are also using financial institutions and industry leaders to drive environmental improvements across various sectors. Past literature has primarily focused on the differences between green bonds and conventional bonds. Our main research centers on the impact of financial institutions issuing green bonds on their environmental performance, financial performance, and shareholder conflicts. Additionally, we analyzed whether banks issuing green bonds affect the environmental performance, financial performance, and shareholder conflicts of companies that have borrowing relationships with these banks. Our findings show that the issuance of green bonds by banks significantly impacts their environmental performance, financial performance, and shareholder conflicts, particularly with a notable positive effect on TESG scores. Furthermore, banks issuing green bonds also affect companies that borrow from them, especially in terms of their Social Score and Governance Score. Beyond studying the impact of issuing green bonds on companies, we also utilized other relevant variables to further understand how green bonds affect the long-term sustainability and investment decisions of companies. These results provide robust data support for policymakers and investors, demonstrating that green financial instruments can not only promote environmental protection but also improve the overall health of financial markets and corporate governance. As the green bond market develops, we can anticipate its greater impact in driving companies towards green transformation. en_US dc.description.tableofcontents 1. Introduction 1 2. Related Literature 3 2.1 Green Bonds and Financial Performance 3 2.2 Green Bonds and Green Performance 5 2.3 Green Bonds and Shareholders Conflicts or Corporate Governance 5 3. Purpose of Green Bonds issued by Financial Institutions 6 3.1 Brief Overview on the Current Status of Green Bonds 6 3.1.1 International Development of Green Bond 6 3.1.2 Taiwan's Green Finance Policies 8 3.1.3 Taiwan's Green Bond Standards 9 3.2 Purposes and Benefits of Issuing Green Bonds 10 3.2.1 Benefits of Green Bonds for Issuers 10 3.2.2 Purposes of Financial Institutions Issuing Green Bonds 11 3.2.3 Benefits of Green Bonds for Investors 12 4. Data Source and Variables 13 4.1 Green Bonds Variables 15 4.2 Performance Variables 16 4.2.1 Green Performance 18 4.2.2 Financial Performance 20 4.2.3 Shareholder’s Conflict 21 4.3 Other Explanatory variables 23 4.4 Panel Data Stability Checks 24 5. Green Bonds and Banks' Performance 26 5.1 Green Bonds and Banks' Green Performance 26 5.1.1 GLM and Panel Data Regressions on Environmental Performance 27 5.1.2 Exploring the Channels for the Impacts on Banks' Green Performance 33 5.2 Green Bonds and Banks' Financial Performance 39 5.2.1 GLM and Panel Data Regressions on Financial Performance 39 5.2.2 Exploring the Channels for the Impacts on Banks’ Financial Performance 42 5.3 Green Bonds and Banks' Shareholders’ Conflicts...44 5.3.1 GLM and Panel Data Regressions on Shareholder’s Conflict Variables 45 5.3.2 Exploring the Channels for the Impacts on Banks' Shareholders’ Conflicts 49 6. Green Bonds and Enterprises’ Performance 53 6.1 Green Bonds and Enterprises’ Green Performance 53 6.1.1 GLM and Panel Data Regressions on Environmental Performance 54 6.1.2 Exploring the Channels for the Impacts on Enterprises’ Green Performance 59 6.2 Green Bonds and Enterprises’ Financial Performance 65 6.2.1 GLM and Panel Data Regressions on Financial Performance 65 6.2.2 Exploring the Channels for the Impacts on Enterprises’ Financial Performance 68 6.3 Green Bonds and Enterprises’ Shareholders’ Conflicts 71 6.3.1 GLM and Panel Data Regressions on Shareholder’s Conflict Variables 72 6.3.2 Exploring the Channels for the Impacts on Enterprises’ Shareholder’s Conflicts 76 7. Conclusion 80 8. Reference 81 zh_TW dc.format.extent 2086407 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111258024 en_US dc.subject (關鍵詞) 綠色債券 zh_TW dc.subject (關鍵詞) 銀行 zh_TW dc.subject (關鍵詞) 環境永續 zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 面板資料模型 zh_TW dc.subject (關鍵詞) Green Bond en_US dc.subject (關鍵詞) Banks en_US dc.subject (關鍵詞) Sustainable environment en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Panel Data Models en_US dc.title (題名) 金融機構發行綠色債券對機構本身及借款廠商的影響 zh_TW dc.title (題名) Impacts of Green Bonds Issued by Financial Institutions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Alonso-Conde, A. B., & Rojo-Suárez, J. (2020). On the effect of green bonds on the profitability. and credit quality of project financing. Sustainability, 12(16), 6695. Baker, M., Bergstresser, D., Serafeim, G., & Wurgler, J. (2022). The pricing and ownership of. US green bonds. Annual Review of Financial Economics, 14, 415-437. Baulkaran, V. (2019). Stock market reaction to green bond issuance. Journal of Asset Management, 20(5), 331-340. Bedendo, M., Nocera, G., & Siming, L. (2023). Greening the financial sector: Evidence from. bank green bonds. Journal of Business Ethics, 188(2), 259-279. Broadstock, D. C., & Cheng, L. T. (2019). Time-varying relation between black and green. bond price benchmarks: Macroeconomic determinants for the first decade. Finance research letters, 29, 17-22. Chen Fu-Pao (2020) Exploring the Impact of Short Term Price Competition on Telecom Stock. Prices by Using Event Study Chen, T., Dong, H., & Lin, C. (2020). Institutional shareholders and corporate social. responsibility. Journal of Financial Economics, 135(2), 483-504 Daubanes, J. X., Mitali, S. F., & Rochet, J. C. (2021). Why do firms issue green bonds?. Swiss Finance Institute Research Paper, (21-97). Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of financial economics, 131(3), 693-714. Ehlers, T., & Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review. September. Ehlers, T., Mojon, B., & Packer, F. (2020). Green bonds and carbon emissions: exploring the. case for a rating system at the firm level. BIS Quarterly Review, September. ElBannan, M. A., & Löffler, G. (2024). How effectively do green bonds help the. environment? Journal of Banking & Finance, 158, 107051. Febi, W., Schäfer, D., Stephan, A., & Sun, C. (2018). The impact of liquidity risk on the yield spread of green bonds. Finance Research Letters, 27, 53-59. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Glavas, D. (2018). How do stock prices react to green bond issuance announcements? Glavas, D.(2020). Green Regulation and Stock Price Reaction to Green Bond Issuance. Finance, 1(1), 7-51. Granger, C. W., & Newbold, P. (1974). Spurious regressions in econometrics. Journal of. econometrics, 2(2), 111-120. Houston, J. F., & Shan, H. (2022). Corporate ESG profiles and banking relationships. The. Review of Financial Studies, 35(7), 3373-3417. Hasan, I., Lee, H., Qiu, B., & Saunders, A. (2023). Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance. Bank of Finland Research Discussion Paper, (7). Hachenberg, B., & Schiereck, D. (2018). Are green bonds priced differently from conventional. bonds?. Journal of Asset Management, 19, 371-383. Hadaś-Dyduch, M., Puszer, B., Czech, M., & Cichy, J. (2022). Green bonds as an instrument. for financing ecological investments in the V4 countries. Sustainability, 14(19), 12188. Jin, J., Han, L., Wu, L., & Zeng, H. (2020). The hedging effect of green bonds on carbon market risk. International Review of Financial Analysis, 71, 101509. Jirata, M. T. (2018). Estimation of Panel Data Regression Models with Individual Effects (Doctoral dissertation, JKUAT-PAUSTI). Julien Mazzacurati (2021) Environmental impact and liquidity of green bonds Karpf, A., & Mandel, A. (2017). Does it pay to be green?. Available at SSRN 2923484. Karpf, A., & Mandel, A. (2018). The changing value of the ‘green’label on the US municipal bond market. Nature Climate Change, 8(2), 161-165. Kontz, C. (2023). Do ESG investors care about carbon emissions? Evidence from securitized. auto loans. Evidence From Securitized Auto Loans (February 13, 2023). Larcker, D. F., & Watts, E. M. (2020). Where's the greenium?. Journal of Accounting and. Economics, 69(2-3), 101312. Liu, N., Liu, C., Da, B., Zhang, T., & Guan, F. (2021). Dependence and risk spillovers between green bonds and clean energy markets. Journal of Cleaner Production, 279, 123595. M.J. Blauw (2021) Green bonds, cost of equity, and corporate financial performance: A Difference in Difference analysis Nabil, M. (2023). The Impact of Green Bonds on Banking Sector Performance: A Comparative Study on Developed and Emerging Markets. Journal of Applied Finance & Banking, 13(3), 67-85. Nelson, C. R., & Plosser, C. R. (1982). Trends and random walks in macroeconmic time series: some evidence and implications. Journal of monetary economics, 10(2), 139-162. Partridge, C., & Medda, F. R. (2020). The evolution of pricing performance of green municipal. bonds. Journal of Sustainable Finance & Investment, 10(1), 44-64. Pietsch, A., & Salakhova, D. (2022). Pricing of green bonds: drivers and dynamics of the greenium. Shehab, A. R. (2021). Environmental, social and governance (ESG) considerations in real estate investments. Impact of environmental performance disclosure, activities and score on financial performance of SIIQ. Song, X., Deng, X., & Wu, R. (2019). Comparing the influence of green credit on commercial bank profitability in China and abroad: empirical test based on a dynamic panel system using GMM. International Journal of Financial Studies, 7(4), 64. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of. Corporate Finance, 61, 101427. Tzu-Chun Chen (2018). The Announcement Effect of Green Corporate Bond Issuance Wicaksono, K. A. (2023). The Impact Of Green Bond Issuance And ESG Performance On Firm Profitability: Evidence From Listed Companies In China, South Korea And Thailand. Cakrawala Repositori IMWI, 6(6), 2604-2628. Yeow, K. E., & Ng, S. H. (2021). The impact of green bonds on corporate environmental and financial performance. Managerial Finance, 47(10), 1486-1510. Zhang, R., Li, Y., & Liu, Y. (2021). Green bond issuance and corporate cost of capital. Pacific-Basin Finance Journal, 69, 101626. Zhou, X., & Cui, Y. (2019). Green bonds, corporate performance, and corporate social responsibility. Sustainability, 11(23), 6881. zh_TW
