新冠疫情與中小企業貸款－－以紓困振興措施為例

ANDEMIC SHOCK AND SME LOAN: THE ROLE OF RELIEF AND REVITALIZATION PLAN

本文旨在探討我國銀行在新冠疫情與振興紓困案期間的貨幣傳遞機制，以疫情爆發作為契機，分析銀行在紓困振興措施的背景下是否會放寬中小型上市櫃企業的貸款條件。實證結果顯示，中小型上市櫃企業在新冠疫情期間雖有較低的負債成本，但也同時獲得較短期且小額的貸款。在考慮銀行及公司特性差異後，財務績效較高的中小型上市櫃企業獲得相對較佳的貸款條件，而公股銀行、高逾放比銀行更易放寬中小型上市櫃企業的貸款限制。考量到責任投資的重要性，本文進一步以非財務績效的碳排放量為對象，結果發現降低碳排有助於中小型上市櫃企業於新冠疫情期間放寬貸款條件，且此現象更好發於赤道銀行的借款中。本文結果顯示疫情期間資金傾向流至財務或永續表現佳的中小型企業，公股與赤道銀行在其中扮演更重要的角色，但高逾放比銀行的較高放貸意願也可能成為隱憂。

This paper studies the role of the Relief and Revitalization Plan in SME loans during the pandemic shock in Taiwan. The results show that SMEs tend to have cheaper, shorter, and fewer loans during the pandemic shock. SMEs with better financial performance are likely to have better loan contracts, whereas government-owned banks and banks with high non-performing loan (NPL) ratios are more likely to give more attractive loan contracts. According to evidence from equator banks, we further show that carbon management helps SMEs obtain better contracts. Overall, SMEs with better financial or non-financial performance obtain better loan contracts during pandemic shocks, while banks with high NPL ratios may have over-lending risk.