環境社會治理績效與銀行借款條件

ESG Performance and Terms of Bank Loans

以臺灣上市（櫃）公司新增銀行借款為樣本，本文探討企業環境、社會、治理（ESG）績效與銀行借款條件之關聯性。本文發現ESG績效表現較佳之企業，增額借款利率較低、借款金額較高、借款期間較長、須提供擔保品之機率較低；其中又以對借款金額的影響最為重大，其次為提供擔保品之機率、借款期間與增額借款利率。本文亦發現財務績效佳之企業，其ESG績效與銀行借款條件之關聯性較強，顯示財務績效對ESG績效與借款條件之關聯性具有調節效果。最後，研究結果顯示，ESG績效表現高於或低於預期的幅度愈大，其借款條件均較差。本文所進行額外分析的測試結果均與主測試之實證結果相近。本研究之發現，說明ESG績效具有經濟性後果，並為國內綠色金融提供了一項實證證據。

Drawing on a sample of newly granted bank loans to listed firms in Taiwan, this study examines associations between environmental, social, and governance (ESG) performance as well as abnormal ESG performance and terms of loans respectively. It further explores how financial performance moderates these two relationships. The empirical results reveal that borrowers with better ESG performance tend to receive (1) lower spread loans and collateral-free loans, and (2) larger loans and longer maturity loans. A test on economic significance shows that ESG performance most significantly impacts loan size, followed by the likelihood of collateral provisions, loan maturity, and loan spread. The study also indicates that the association between ESG performance and bank loan terms is more pronounced among borrowers with stronger financial performance. Moreover, firms with abnormal ESG performance are associated with less favorable bank loan terms. Results from additional tests are consistent with the main test findings. Overall, this study highlights the economic implications of ESG performance and offers recent evidence of responsible bank lending practices in Taiwan.