臺灣博碩士論文加值系統

企業社會責任（Corporate Social Responsibility, CSR）意識不僅在製造、服務產業逐年高漲，銀行產業也開始重視。銀行是企業重要的資金借貸來源，藉由資金的提供連結資金需求與供給雙方，不但有效的發揮金融中介之功能，甚至透過與企業之資金往來，以監督企業之經營以及診斷企業之財務狀況。銀行對經濟市場的活絡、安定有其責任與義務。因此，銀行辦理授信融資時，若未考量授信公司在環境保護、企業誠信經營和社會責任，將間接促成不良企業從事不具責任性活動，對環境、社會及金融市場造成連鎖傷害，同時也提升銀行本身訴訟風險。過去銀行根據授信公司之財務狀況、信用評等、擔保品的抵押等因素決定放款利率，隨著CSR意識高漲，有趣的議題是授信公司的CSR資訊對現今銀行放款利率之水準是否有增額資訊。

本文以2014至2016年間強制揭露CSR報告書之台灣食品及化學產業上市公司所新增之銀行放款合約為研究對象，探討銀行執行放款利率決策時，是否受授信公司碳排放量與社會公益投資之CSR資訊所影響？實證結果發現，銀行決定放款決策時，會將授信公司之碳排放量多寡納入考量，較低的碳排放量顯示出授信公司營運活動對生態環境之衝擊較小，有較低的環境或有負債，對授信公司長期市場競爭力的提升亦有實質的效益，銀行願意給予較低的放款利率，其利差也會較低。然而，銀行放款決策則不受授信公司公益活動投資的影響，符合過去文獻對企業從事公益慈善活動之疑慮，企業透過公益慈善活動雖有利於形象提升，但可能是一項無效率投資甚至是漂綠行為而無益於公司投資報酬。

Corporate social responsibility (CSR) issues have received increasing attention not only in manufacturing and service industry but also in banking. Banks act as financial intermediaries in our society. They price and value financial assets, they monitor borrowers, they manage financial risks and they organize the payment system. By performing these functions, banks have a huge impact on society. Banks have responsibilities and obligations to keep mobility and security of financial activities and economy. If banks lend money to firms with ruining ecological environment and false operation, banks indirectly help these firms to implement opportunistic activities to our society. It injures environment, society and financial market, and raise banks’ potential litigation. In the past, banks decided loan interest rates according to borrowing firms’ financial status, credit rating, the presence of collateral, etc. With raising of CSR awareness, it is interesting to understand the value of CSR information for banks’ loan decision-making.

This study examines whether the borrowing firms’ CSR information, carbon emissions and charity investment, affects banks' decision on loan interest rates? This study uses the samples of new bank lending contract from 2014 to 2016 from Taiwanese listing foodstuff and chemical industry firms that are mandated to disclose CSR report.

The empirical results show that borrowing firms with lower carbon emissions bear lower loan interest rates. We think this is because the borrowing firm with lower carbon emissions implement operating activities in less negative impact on ecological environment, which imply they have lower environmental contingent liabilities and more long-term market competitiveness; therefore, banks are willing to give them lower loan interest rates, also spread will. However, bank lending decision is not affected by the charity investment of borrowing firms. It is consistent with inefficient investment viewpoint that the firm attempted to play a philanthropist to improve image and greenwash but difficultly to gain positive return of charity investment.

目錄 I
圖目錄 II
表目錄 III

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究貢獻 4
第四節 研究架構 5
第五節 研究流程 6

第二章 文獻探討與假說推論 7
第一節 企業社會責任 7
第二節 赤道原則 14
第三節 銀行授信原則 15
第四節 企業社會責任資訊與銀行授信決策 17

第三章 研究方法 25
第一節 實證模型 25
第二節 變數定義 26
第三節 樣本選取與資料來源 31

第四章 實證結果 33
第一節 敘述性統計 33
第二節 相關性檢定 35
第三節 迴歸分析結果 38

第五章 結論與建議 44
第一節 研究結論 44
第二節 研究限制與建議 45

參考文獻 46

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