頁籤選單縮合
題 名 | Does Corporate Environmental Information Disclosure Mitigate the Cost of Bank Loans: Evidence from TWSE-Listed Companies=企業環境資訊揭露能否降低銀行貸款成本:來自臺灣證券交易所上市公司的證據 |
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作 者 | 張哲明; 陳堅強; 謝佩芳; | 書刊名 | 證券市場發展季刊 |
卷 期 | 35:4=140 2023.12[民112.12] |
頁 次 | 頁59-102 |
分類號 | 553.97 |
關鍵詞 | 環境資訊揭露; 銀行貸款; 碳排放; 範疇三排放; Environmental information disclosure; Bank loan; Carbon emission; Scope 3 emissions; |
語 文 | 英文(English) |
DOI | 10.6529/RSFM.202312_35(4).0002 |
中文摘要 | 銀行貸款機構對環境資訊揭露品質較高(以企業社會責任報告中碳排放揭 露情況衡量)的企業收取的利率要低得多。我們發現,與未揭露範疇三排放的企 業相比,揭露範疇三排放的企業的銀行貸款利率顯著降低 8.6 個基點。為了解決 內生性問題,我們利用了台灣環保署 2018 年溫室氣體減量推動方案和溫室氣體 排放管制行動方案的實施進行 DID 分析。結果一致表明,揭露範疇三排放的企業 的銀行貸款成本較低。我們發現,透過揭露更多環境資訊的公司建立的較低銀行 貸款利率可以降低其信用風險並提高 ESG 績效,特別是那些資訊不對稱程度和 財務約束較低的公司。 |
英文摘要 | Bank loan lenders charge a significantly lower interest rate to firms with high-quality environmental information disclosures as measured by the carbon emission disclosure from the CSR report. We find that the firms with scope 3 emissions disclosure have 8.6 basis points significantly lower bank loan rates relative to firms without scope 3 emissions disclosure. To address endogeneity, we provide the DID method for the implementation of the GHG reduction plan and emissions control actions by the EPA of Taiwan in 2018. The results consistently present the lower cost of bank loans for firms with scope 3 emissions disclosure. We find that the lower bank loan rates built through firms that disclose more environmental information lessen their credit risk and improve ESG performance, particularly those with lower information asymmetry and financial constraints. |
本系統中英文摘要資訊取自各篇刊載內容。