銀行採行赤道原則授信對機構投資人評價之影響

The Effect of Bank Credit Adopting the Equator Principles on Institutional Investors' Evaluation

履行企業社會責任（CSR）已成為全球化的重要管理議題之一，為了杜絕企業為富不仁的經營型態，藉由斷絕黑心企業之資金來源，俾促使該企業能落實CSR，金融機構絕對有責任拒絕融資給不遵守CSR的企業。因此，於2003年由多家國際金融機構提出「赤道原則（Equator Principles, EP）」之綠色金融準則。本研究目的在於探討銀行業採行EP來從事授信業務，對投資人在投資評價上的影響。透過實驗設計方式來驗證本研究主題，實驗對象來自於137位機構投資人。實證結果發現：(1)投資人認為不同的投資資訊（財務、公司治理、CSR、EP資訊）對其投資決策有用性存在顯著之差異性。(2)相較於未簽署EP的銀行，機構投資人會對有簽署EP的銀行產生較高的投資評價（包括投資比例與本益比評價）。(3)當面臨銀行的CSR績效高於同業平均水準時，機構投資人對於銀行是否有簽署EP的投資評價並無顯著的差異性。(4)若面臨銀行CSR績效低於同業平均水準時，投資人對於銀行有簽署EP之投資評價會顯著產生增額的影響效果。在此前提下，銀行藉由掌控企業的授信資金，進而監督與引導該企業履行CSR。因此在投資決策之考量上，投資人會納入此差異化的EP資訊，而略過不佳的CSR績效資訊，畢竟簽署EP所帶來的資訊內涵效應會表現在其股價或盈餘報酬上。

Corporate Social Responsibility (CSR) has become one of the major fashion management issues. Financial institutions are obliged to refrain from financing to companies that do not comply with the CSR rules in order to cut off the financial resources of the black enterprises so as to promote their CSR. Therefore, a number of international financial institutions put forward the green finance guidelines of ''Equator Principles (EP)'' in 2003. The purpose of this study is to investigate the effect of bank credit adopting EP on institutional investors' evaluation. Experiment design was used to test the research issue. The subjects are 137 institutional investors from the investment fund managers. Empirical results show that: (1) Investors perceive that there are significant differences among investment information (financial, corporate governance, CSR, EP information) for their decisionmaking usefulness. (2) Institutional investors will have a high investment evaluation (including investment ratio and price-to-earnings ratio) on the banks that have signed EP, compared to banks that do not sign EP. (3) When faced with the banks' CSR performance is higher than the industry average, the institutional investors do not have significant differences on the investment evaluation of the bank with signing EP or not. (4) When faced with the banks' CSR performance is lower than the industry average, the institutional investors have significant positive impact on the investment evaluation of the banks to sign the EP. If the banks signed the EP, the banks could control the enterprises' credit funds and supervise the enterprises to fulfill CSR. So in the investment decision-making considerations, investors will be included in this differentiated EP information, and skip the information of poor CSR performance. After all, the Information content effect brought about by the signing of EP would be reflected in the company's share price and earnings.