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題名 企業發行綠色債券對資本結構之影響
The Impact of Corporate Green Bond Issuance on Capital Structure
作者 蘇冠綸
Su, Kuan-Lun
貢獻者 邱健嘉
Calvin J. Chiou
蘇冠綸
Su, Kuan-Lun
關鍵詞 綠色債券
資本結構
Green Bond
Capital Structure
日期 2025
上傳時間 4-Aug-2025 14:08:11 (UTC+8)
摘要 本研究探討企業發行綠色債券後，對其資本結構所產生的影響。透過實證分 析發現槓桿比率與綠色債券發行呈現正向關係，顯示綠色債券作為一種新興的融資工具，與傳統普通債券具有互補性，而非相互替代的關係。我認為這個結果可以呼應到Tang and Zhang (2020)中所發現的結果，也就是綠色債券的融資成本並沒有低於一般傳統債券的融資成本，因此對於企業來說沒有使用綠色債券替代一般傳統債券的誘因。本研究亦分析綠色債券發行對企業股權比例的影響，在考慮國家固定效果後，兩者關係為正向。此結果支持Flammer (2020) 的觀點，即發行綠色債券能向市場傳遞正面訊號，改善企業形象並吸引更多 ESG 投資者的關注，因此會推動股價上漲並增加更多的持有程度。
This paper explores the impact of green bond issuance on a company's capital structure. Through empirical analysis, it is found that there is a positive relationship between leverage ratio and green bond issuance, indicating that green bonds, as an emerging financing tool, are complementary to traditional bonds rather than substitutive. I believe this result aligns with the findings of Tang and Zhang (2020), which show that the financing costs of green bonds are not lower than those of traditional bonds. Therefore, companies have no strong incentive to replace traditional bonds with green bonds. This paper also examines the impact of green bond issuance on a company's equity ratio. After considering country fixed effects, the relationship is found to be positive. This result supports the view of Flammer (2020), suggesting that the issuance of green bonds can send a positive signal to the market, improve the company's image, and attract more attention from ESG investors. Consequently, it can drive stock prices up and increase shareholding.
參考文獻 Atanassov, J. (2016). Arm’s length financing and innovation: Evidence from publicly traded firms. Management Science, 62(1), 128-155. Bachelet, M. J., Becchetti, L., & Manfredonia, S. (2019). The green bonds premium puzzle: The role of issuer characteristics and third-party verification. Sustainability, 11(4), 1098. Bai, J., & Ru, H. (2024). Carbon emissions trading and environmental protection: International evidence. Management Science, 70(7), 4593-4603. Fatica, S., & Panzica, R. (2021). Green bonds as a tool against climate change?. Business Strategy and the Environment, 30(5), 2688-2701. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516. Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of cleaner production, 219, 127-135. Ginglinger, E., & Moreau, Q. (2023). Climate risk and capital structure. Management Science, 69(12), 7492-7516. Lee, C. C., Li, X., Yu, C. H., & Zhao, J. (2022). The contribution of climate finance toward environmental sustainability: New global evidence. Energy Economics, 111, 106072. Ning, Y., Cherian, J., Sial, M. S., Álvarez-Otero, S., Comite, U., & Zia-Ud-Din, M. (2023). Green bond as a new determinant of sustainable green financing, energy efficiency investment, and economic growth: a global perspective. Environmental Science and Pollution Research, 30(22), 61324-61339. Russo, A., Mariani, M., & Caragnano, A. (2021). Exploring the determinants of green bond issuance: Going beyond the long‐lasting debate on performance consequences. Business Strategy and the Environment, 30(1), 38-59. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of Corporate Finance, 61, 101427.
描述 碩士
國立政治大學
財務管理學系
112357036
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112357036
資料類型 thesis
dc.contributor.advisor 邱健嘉zh_TW
dc.contributor.advisor Calvin J. Chiouen_US
dc.contributor.author (Authors) 蘇冠綸zh_TW
dc.contributor.author (Authors) Su, Kuan-Lunen_US
dc.creator (作者) 蘇冠綸zh_TW
dc.creator (作者) Su, Kuan-Lunen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:08:11 (UTC+8)-
dc.date.available 4-Aug-2025 14:08:11 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:08:11 (UTC+8)-
dc.identifier (Other Identifiers) G0112357036en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158510-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 112357036zh_TW
dc.description.abstract (摘要) 本研究探討企業發行綠色債券後，對其資本結構所產生的影響。透過實證分 析發現槓桿比率與綠色債券發行呈現正向關係，顯示綠色債券作為一種新興的融資工具，與傳統普通債券具有互補性，而非相互替代的關係。我認為這個結果可以呼應到Tang and Zhang (2020)中所發現的結果，也就是綠色債券的融資成本並沒有低於一般傳統債券的融資成本，因此對於企業來說沒有使用綠色債券替代一般傳統債券的誘因。本研究亦分析綠色債券發行對企業股權比例的影響，在考慮國家固定效果後，兩者關係為正向。此結果支持Flammer (2020) 的觀點，即發行綠色債券能向市場傳遞正面訊號，改善企業形象並吸引更多 ESG 投資者的關注，因此會推動股價上漲並增加更多的持有程度。zh_TW
dc.description.abstract (摘要) This paper explores the impact of green bond issuance on a company's capital structure. Through empirical analysis, it is found that there is a positive relationship between leverage ratio and green bond issuance, indicating that green bonds, as an emerging financing tool, are complementary to traditional bonds rather than substitutive. I believe this result aligns with the findings of Tang and Zhang (2020), which show that the financing costs of green bonds are not lower than those of traditional bonds. Therefore, companies have no strong incentive to replace traditional bonds with green bonds. This paper also examines the impact of green bond issuance on a company's equity ratio. After considering country fixed effects, the relationship is found to be positive. This result supports the view of Flammer (2020), suggesting that the issuance of green bonds can send a positive signal to the market, improve the company's image, and attract more attention from ESG investors. Consequently, it can drive stock prices up and increase shareholding.en_US
dc.description.tableofcontents I. Introduction 7 II. Literature Review 10 III. Data and Methodology 13 IV. Results 16 V. Conclusion 19 Tables 21 Appendix 28 References 29zh_TW
dc.format.extent 640159 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112357036en_US
dc.subject (關鍵詞) 綠色債券zh_TW
dc.subject (關鍵詞) 資本結構zh_TW
dc.subject (關鍵詞) Green Bonden_US
dc.subject (關鍵詞) Capital Structureen_US
dc.title (題名) 企業發行綠色債券對資本結構之影響zh_TW
dc.title (題名) The Impact of Corporate Green Bond Issuance on Capital Structureen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Atanassov, J. (2016). Arm’s length financing and innovation: Evidence from publicly traded firms. Management Science, 62(1), 128-155. Bachelet, M. J., Becchetti, L., & Manfredonia, S. (2019). The green bonds premium puzzle: The role of issuer characteristics and third-party verification. Sustainability, 11(4), 1098. Bai, J., & Ru, H. (2024). Carbon emissions trading and environmental protection: International evidence. Management Science, 70(7), 4593-4603. Fatica, S., & Panzica, R. (2021). Green bonds as a tool against climate change?. Business Strategy and the Environment, 30(5), 2688-2701. Flammer, C. (2021). Corporate green bonds. Journal of financial economics, 142(2), 499-516. Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of cleaner production, 219, 127-135. Ginglinger, E., & Moreau, Q. (2023). Climate risk and capital structure. Management Science, 69(12), 7492-7516. Lee, C. C., Li, X., Yu, C. H., & Zhao, J. (2022). The contribution of climate finance toward environmental sustainability: New global evidence. Energy Economics, 111, 106072. Ning, Y., Cherian, J., Sial, M. S., Álvarez-Otero, S., Comite, U., & Zia-Ud-Din, M. (2023). Green bond as a new determinant of sustainable green financing, energy efficiency investment, and economic growth: a global perspective. Environmental Science and Pollution Research, 30(22), 61324-61339. Russo, A., Mariani, M., & Caragnano, A. (2021). Exploring the determinants of green bond issuance: Going beyond the long‐lasting debate on performance consequences. Business Strategy and the Environment, 30(1), 38-59. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of Corporate Finance, 61, 101427.zh_TW