臺灣博碩士論文加值系統

本研究透過對綠色債券與一般借款之差異分析，探討兩者在利率上之
優勢、市場接受度及資金用途等議題。綠色債券為財務市場上一種新興的
金融工具，主旨在於資助具有環境益處的項目，而一般借款則是透過金融
機構所得的傳統融資方式。本研究選取 2017年起至2023年末所發行的綠
色債券和其個別借款(利率)作為分析對象，比較它們在融資成本的優劣勢
以及對環境帶來的正負面影響。結果顯示，綠色債券僅在某些產業具有較
低發行資金成本且同時會受發行時總體經濟影響，但不可否認的，綠色債
券在推動可持續發展和環境保護方面具有優勢。盼本論文的見解能助於投
資者和一般大眾更容易地理解到當今市場中的綠色債券作為金融創新之角
色及其長期潛力。

This study examines the differences between green bonds and corporate
loans, focusing on their advantages in terms of interest rates, market acceptance,
and fund allocation. Green bonds are a new financial instrument in the market
aimed at funding environmentally beneficial projects, while corporate loans are
a traditional financing method obtained through financial institutions. The study
selects green bonds issued from 2017 to the end of 2023 and their respective
loans (interest rates) as the objects of analysis, comparing their advantages and
disadvantages in financing costs and their positive and negative impacts on the
environment. The results show that green bonds have lower issuance costs in
certain industries and are influenced by the overall environmental conditions at
the time of issuance. However, it is undeniable that green bonds have ad-
vantages in promoting sustainable development and environmental protection. It
is hoped that the insights of this paper will help investors and public can better
understand the role of green bonds as financial innovations and their long-term
potential in today's market.

中文摘要 ............................................................................................................................. i
ABSTRACT ....................................................................................................................... ii
目錄 ................................................................................................................................... iii
圖目錄 ............................................................................................................................... iv
表目錄 ................................................................................................................................. v
第一章 緒論 ....................................................................................................................... 1
1.1 研究背景及動機 ....................................................................................................... 1
1.2 研究目的 ................................................................................................................... 2
1.3 研究架構 ................................................................................................................... 2
第二章 文獻回顧 ............................................................................................................... 3
2.1 綠色債券 ................................................................................................................... 3
2.1.1 綠色債券之定義 ............................................................................................... 4
2.2 一般借款 ................................................................................................................... 4
2.3 發行綠債動機之文獻回顧 ....................................................................................... 5
2.4 國際綠色債券準則 ................................................................................................... 7
2.5 綠色債券標的 ........................................................................................................... 8
第三章 綠色債券資金用途及比較 ................................................................................. 10
3.1 資料搜集與選擇 ..................................................................................................... 10
3.2 綠債資金用途-金融業 ............................................................................................ 11
3.3 綠債資金用途-科技業 ............................................................................................ 17
3.4 綠債資金用途-國營企業 ........................................................................................ 20
3.5 綠債資金用途-紡織纖維業 .................................................................................... 21
3.6 綠債資金用途-綠能環保業 .................................................................................... 22
第四章 綠色債券及借款利率之比較 .......................................................................... 23
4.1 金融業發行綠色債券與一般借款利率 ................................................................. 23
4.2 科技業發行綠色債券與一般借款利率 ................................................................. 28
4.3 國營企業/紡織纖維業/綠能環保業發行綠色債券與一般借款利率 ................... 32
第五章 結論與建議 ......................................................................................................... 36
5.1 結論 ......................................................................................................................... 36
5.2 限制與建議 ............................................................................................................. 37
中文參考文獻 ................................................................................................................... 38
英文參考文獻 ................................................................................................................... 38

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