近年來環境議題頻頻被討論，企業社會責任更加地被重視，提供資金的銀
行業其企業社會責任則較少被探討。本研究之目的係以 2011 至 2017 年間台灣
上市櫃公司之樣本，欲探討綠色信用貸款政策實施前後期對於企業長期金融負
債之影響。回歸分析結果發現，綠色信貸政策與長期金融負債呈現負相關，顯
示綠色信貸政策前後對於台灣上市櫃公司長期金融負債有下降趨勢，因此推論
綠色信貸政策實施後，貸款授信門檻提高，有效控制不符合環境層面標準的企
業借款。綠色信貸政策與資金成本呈現負相關，推論因為授信門檻提高，能夠
繼續順利取得資金之企業，銀行評估其財務風險較低，因此可享有較低的資金
成本。切割樣本是否為環境敏感性產業，兩分群樣本結果顯示環境敏感性樣本
中綠色信貸政策與長期金融負債為負相關，推論環境敏感性產業要符合綠色信
貸政策之授信準則較為困難，其環境違規風險大，因此綠色信貸政策實施後導
致企業借款不易，使得長期金融負債有下降趨勢；回歸結果無論是否為環境敏
感性產業，綠色信貸政策與資金成本皆為負相關，推論由於授信準則規範對象
屬於全體台灣上市櫃公司，門檻提高規範企業謹慎遵守環境層面規定，享有較
低資金成本。進一步分析，將樣本分割為是否出具企業社會責任報告書，結果
表示，沒有出具企業社會責任報告書之企業樣本，其綠色信貸政策與長期金融
負債及資金成本皆呈現負相關，推論由於沒有出具企業社會責任報告書之企業
沒有環境績效指標，因此銀行需要更加的關注是否符合綠色信貸政策，如不符
合即不願意放貸；而能夠順利取得借款之企業，其因能夠符合綠色信貸政策而
使得銀行能夠更放心放貸，進而給予較低的資金成本。

In recent years, environmental issues have been frequently discussed, corporate social responsibility has been paid more attention, and the CSR of the banking industry that provides funds has been less explored. The purpose of this study is to use the sample of Taiwan listed cabinet companies between 2011 and 2017 to explore the impact of long-term financial liabilities on the long-term financial liabilities of enterprises before and after the implementation of the green credit loan policy. The result found that the green credit policy is negatively correlated with long-term financial liabilities. It shows that the long-term financial liabilities of Taiwan listed cabinet companies have a downward trend before and after the green credit policy. Therefore, after the implementation of the green credit policy, the threshold for loan credit is raised, and enterprises that do not meet the environmental standards are effectively controlled. The green credit policy is negatively related to the cost of capital. It is inferred that banks with higher credit thresholds can continue to obtain funds. Banks assess their financial risks are lower, so they can enjoy lower capital costs.  Whether the cut sample is an environmentally sensitive industry, the results of the two-group sample show that the green credit policy in the environmental sensitivity sample is negatively correlated with the long-term financial liability. It is difficult to infer that the environmentally sensitive industry meets the credit criteria of the green credit policy, and its environmental violation risk. Therefore, the implementation of the green credit policy has made it difficult for enterprises to borrow money, which has led to a downward trend in long-term financial liabilities. Regardless of whether it is an environmentally sensitive industry, the green credit policy and the cost of capital are all negatively correlated. It is inferred that the target of the credit criteria belongs to the whole Taiwan listed cabinet companies, thresholds to improve the standard corporate cautious compliance with environmental regulations, enjoy lower capital costs. Further analysis, the sample was divided into whether or not to issue a CSR report. The results showed that the enterprise sample without the CSR report had a negative correlation between the green credit policy and the long-term financial liability fund-raising machine cost. Enterprises with social responsibility reports do not have environmental performance indicators. Therefore, banks need to pay more attention to whether they comply with the green credit policy. If they do not meet the requirements, they are unwilling to lend. Enterprises that can successfully obtain loans can enable banks to comply with the green credit policy. More assured lending, which in turn gives lower capital costs.

目錄 
第壹章 緒論 1 
第一節 研究背景 1 
第二節 研究動機 3 
第三節 研究目的 6 
第四節 論文架構7 
第貳章 文獻探討 8 
第一節 綠色金融 8 
第二節 綠色信用貸款 15 
第三節 假說發展 21 
第參章 研究方法 24 
第一節 觀念性架構圖 24 
第二節 資料來源 25 
第三節 研究模型及變數衡量 26 
第四節 資料分析方法 30 
第肆章 實證結果 31 
第一節 敘述性統計 31 
第二節 相關係數分析 34 
第三節 綠色信貸政策與企業資金取得之回歸結果 35 
第四節 綠色信貸政策與企業資金取得之回歸結果(分群樣本) 37 
第五節 進一步分析 41 
第伍章 結論 45 
第一節 研究結論 45 
第二節 研究貢獻 47 
第三節 研究限制及建議 47 
參考文獻 48 
中文文獻 48 
英文文獻 49 

圖目錄 
圖 1-1 研究流程圖   7 
圖 3-1 觀念性架構圖   24 
表目錄 
表 2.1 赤道原則內容概述  19 
表 3.1 樣本篩選  25 
表 4.1 敘述性統計  31 
表 4.2 相關係數分析結果  33 
表 4.3 綠色信貸政策與企業資金取得之回歸結果  35 
表 4.4 環境敏感性分群樣本檢測結果(長期金融負債)  37 
表 4.5 環境敏感性分群樣本檢測結果(資金成本) 39 
表 4.6 企業社會責任報告書分群樣本檢測結果(長期金融負債) 41 
表 4.7 企業社會責任報告書分群樣本檢測結果(資金成本)  43 
表 5.1 研究結論彙整表  45

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