企業環境違規事件對銀行貸款定價的影響

Abstract

本研究檢驗台灣的銀行貸款，如何對企業的非財務事件風險定價。透過串接環境部裁罰資料與TEJ銀行貸款數據，本研究以固定效果模型發現，企業於環境違規後取得的新貸款，其利率被顯著提高。此結果在控制公司與貸款特徵後依然穩健，且負面信號具備獨立於財務指標之外的增量解釋力。此現象反映了自赤道原則推行後，銀行業者在授信評估中已更加重視企業的環境風險，並將其轉化為具體的融資成本。

This study examines how banks in Taiwan price risks associated with corporate non-financial performance in their lending practices. By using data on environmental penalties from Taiwan's Ministry of Environment and bank loan data from TEJ, we show that, in the fixed-effects analysis, firms obtain new loans at significantly higher all-in spreads following environmental violations. This result remains robust after controlling for borrower and loan contract characteristics. The environmental violations provide significant additional explanatory power for loan pricing after controlling for borrowers’ financial performance. Our findings suggest that, following the implementation of the Equator Principles, banks have appeared to adopt green credit policies in their credit assessments and have translated environmental risks into bank loan spreads.