債務市場與碳排放關聯性之研究

The Association Between the Loan Market and Carbon Emissions

本研究檢驗碳排放量對債務市場的影響，以回應臺灣上市櫃公司因應綠色金融相關政策，納入碳排放量進行風險評估與貸款決策之實證證據。本研究使用2016年至2021年的臺灣上市櫃公司作為樣本，發現企業碳排放量愈高，其債務資金成本（即新增借款利率）也愈高。這項發現表明債務市場重視企業之環境績效。此外，本研究也發現高碳排放量會導致企業信用評等（credit rating）下降，進而提升整體投資風險。具體而言，本研究以臺灣特有的公司層級信用評等和新增借款利率之數據，直接提供碳排放與債務市場間之關聯性證據，並說明碳排放如何影響企業在債務市場的融資條件。

As the Taiwanese government advances policies such as green finance initiatives, financial institutions increasingly incorporate corporate carbon emissions into their risk assessments and financing decisions. This study examines the impact of carbon emissions on the debt market of listed companies in Taiwan, focusing on data from 2016 to 2022. The results indicate that higher carbon emissions will increase corporate debt costs, specifically reflected in higher interest rates on new loans. This finding suggests that the debt market places significant importance on corporates’environmental performance. Additionally, the study reveals that high carbon emissions lead to lower credit ratings for companies, thereby increasing investment risk. Specifically, using unique Taiwanese data on credit ratings and loan interest rates, this study provides direct evidence of how carbon emissions affect corporate financing conditions in the debt market.