為解決金融危機與全球暖化問題，聯合國環境規劃署(UNEP)於2009年初，開始倡議以節能減碳、綠色能源科技、及創造綠色就業為主軸的「綠色新政」(Green New Deal, GND)，已引起全球各國極大回響。因此，如何有效地將金融體系資金導入綠色產業與節能減碳投資，已成為金融部門發展的最重要課題。
近年來，許多文獻指出，企業環境績效與財務績效具正向關係(如Annandale et al., 2001；Dasgupta et al., 2002；Dowell et al., 2000；Hoffmann et al., 2009；Klassen and McLaughlin, 1996；Nakao et al., 2007)，及兩者之因果關係(如Bansal and Roth, 2000; Reinhardt, 1999; Steger, 2000)；然而，也有研究指出，好的環境績效不必然會帶來正向的經濟與財務績效(如Ilnitch and Schaltegger, 1995; Schaltegger and Figge, 2000; Benson et al., 2006; Elsayed and Paton, 2007; Kreander et al., 2005)。因此，如何將環境因子納入信用評等機制？及發展最適融資決策模式，將是金融部門最重要的課題。
本研究主要目的在建立新綠色信用評等機制，取代現存的信用評等方法，基於此，本研究首先建立綠色信用評等理論模型，探討金融機構的融資決策問題；其此，本研究依據理論模型的分析結果，選擇三個案例進行實證分析。實證結果證實，綠色信用評等機制，的確會影響銀行融資行為，將資金由「棕色產業」流向「綠色產業」。

To solve the financial crisis and global warming, the United Nations Environment Programme (UNEP) Initiated "Green New Deal, GND" in 2009. Launching clean energy (such as energy efficiency and renewable energy) has become a major policy and measure of the GND, and creating green jobs is main purpose. Therefore, how to support and finance funding demands of emerging green industries is the priority issue, in the financial sector.
There is a lot of literature indicating industrial environmental performance has a positive relationship with its financial performance (such as Annandale et al., 2001 ; Dasgupta et al., 2002 ; Dowell et al., 2000 ; Hoffmann et al., 2009 ; Klassen and McLaughlin, 1996 ; Nakao et al., 2007). However, There are some papers also show the relationship between environmental performance and financial performance is ambiguous. Therefore, how to incorporate environmental factors into credit scoring? and developing an optimal financing decision process are the most important issue in the financial sector.
The main purpose of this research is to build a new green credit scoring mechanism. This green credit scoring mechanism is to substitute the existing one. To achieve this objective, firstly the study establishes a theoretic green credit scoring model, and discusses its optimal financing decision process in the banking system. Secondly, based on the above analytical results, this study selects three cases for empirical analysis. According to the empirical results, the research has discovered green credit scoring can indeed change the financing decision process, this means green credit scoring can induce a transfer of funding from brown industries to green industries.

第一章 緒論 1-1
第一節 研究緣起 1-1
第二節 研究動機與目的 1-4
第三節 研究內容與方法 1-7
第四節 章節分配 1-9
第二章 企業環境績效與銀行信用評估之文獻回顧 2-1
第一節 企業環境績效與企業財務績效之關係 2-2
第二節 企業碳績效指標 2-7
第三節 基於極大化原則建構信用評分規則 2-14
第四節 商業銀行融資組合評估模型 2-27
第五節 結合永續標準納入信用風險管理 2-37
第六節 本章小結 2-45
第三章 臺灣現行信用風險評估方式 3-1
第一節 信用風險評估模型 3-2
第二節 專家判斷信用風險評估 3-12
第三節 信用評分 3-17
第四節 財團法人金融聯合徵信中心企業信用評分模型 3-21
第五節 臺灣經濟新報臺灣企業信用風險指標TCRI 3-26
第六節 本章小結 3-34
第四章 鄰近國家綠色金融實施現況與比較 4-1
第一節 國際主要綠色金融倡議團體 4-2
第二節 日本綠色金融現況 4-7
第三節 韓國綠色金融現況 4-12
第四節 中國綠色金融現況 4-17
第五節 臺灣與鄰近國家綠色金融現況的比較暨本章小結4-21
第五章 建構納入環境變數的綠色信用評等模型 5-1
第一節 建構綠色信用風險評估模型 5-2
第二節 融資決策模型 5-8
第三節 案例與討論 5-23
第四節 本章小結 5-35
第六章 結論與建議 6-1
第一節 結論 6-3
第二節 政策建議與研究限制 6-7
參考文獻 R-1
中文文獻 R-1
外文文獻 R-2
附錄一 A公司2009年各項財務比率與信用風險評估結果 A-1
附錄二 B公司2009年各項財務比率與信用風險評估結果 A-6
附錄三 C公司2009年各項財務比率與信用風險評估結果 A-10

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