本研究主要探討 ESG 揭露品質與銀行債務條款(貸款利率、財務條款、擔 保品及貸款期間)之關聯。本研究樣本選自 2018 至 2022 年美國銀行聯貸，透過 觀察原始 ESG 分數和代表揭露品質更好的調整後 ESG 分數，了解 ESG 揭露品 質在銀行訂定債務條款契約中的關係。實證結果發現:第一、ESG 績效和 ESG 揭露品質都與貸款利率呈負向顯著關係，但銀行對於 ESG 揭露品質的貸款利率 會更加寬鬆;第二、ESG 績效與財務條款沒有顯著關係，但使用 ESG 揭露品質 更好的績效分數後，會與財務條款呈負向顯著關係;第三、ESG 績效和 ESG 揭 露品質都與擔保品呈負向顯著關係，但銀行對 ESG 揭露品質更好的擔保品需求 會更加寬鬆。

This study mainly explores the relationship between ESG disclosure quality and bank debt terms (loan interest rate, financial terms, collateral and loan period). The sample of this study is selected from syndicated loans of U.S. banks from 2018 to 2022. By observing the original ESG scores and the adjusted ESG scores that represent better disclosure quality, we can understand the relationship between ESG disclosure quality and the bank's debt terms and contracts. The empirical results show that: first, both ESG performance and ESG disclosure quality have a negative and significant relationship with loan interest rates, but banks will be more lenient in lending interest rates for ESG disclosure quality; second, there is no significant relationship between ESG performance and financial terms, but using After the performance scores with better ESG disclosure quality, there will be a negative and significant relationship with financial terms; Third, both ESG performance and ESG disclosure quality have a negative and significant relationship with collateral, but banks will have more relaxed demand for collateral with better ESG disclosure quality.

壹、緒論 1

貳、文獻回顧與假說發展 5
一、機制背景 5
二、企業 ESG 績效對債務契約條款之影響 10
三、ESG 揭露品質對債務契約條款之影響 13

參、研究方法 17
一、ESG 變數衡量方式 17
二、模型設計 18
三、資料來源 20

肆、實證結果 21
ㄧ、敘述性統計 21
二、相關性分析 22
三、實證模型之結果 23

伍、額外測試 29

陸、結論與未來建議 31
一、研究結論 31
二、研究限制及未來建議 31

參考文獻 33

附錄 41

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