ESG 表現與銀行授信對臺灣中小企業的雙向回饋機制

Abstract

在全球永續轉型浪潮下，中小企業的 ESG 實踐與融資獲取之互動關係備受關注。本研究整合信號理論、代理成本與資源觀點，利用 2016 至 2024 年臺灣公開發行中小企業數據，深入探討 ESG 表現與銀行借款之間的雙向動態機制。 實證結果顯示，ESG 對中小企業的融資效益並非線性，而是呈顯著「倒 U 型」關係。轉折點前，ESG 發揮信號功能降低資訊不對稱；跨越該點後，則因代理成本疑慮使效益遞減甚至轉負。此外，銀行授信存在「硬資訊剛性」，ESG 表現雖無法替代擔保品要求，但優良者能透過同質性偏好，顯著加深與大型銀行的往來深度。 針對融資後饋效應，研究發現條件性「資源排擠效應」：新增借款會排擠 ESG 後段班企業的永續投入，惟前段班企業展現體制韌性，能有效緩衝償債壓力。本研究結果為中小企業階段性永續策略與銀行差異化授信提供實證依據。

Amidst the global wave of sustainable transformation, the interaction between SMEs' ESG practices and their access to financing is of critical importance. Integrating signaling theory, agency cost theory, and the resource-based view, this study investigates the bidirectional dynamic mechanism between ESG performance and bank lending, utilizing data from publicly listed SMEs in Taiwan from 2016 to 2024. Empirical results indicate that the financing benefits of ESG for SMEs are non-linear, exhibiting a significant "inverted U-shaped" relationship. Before the turning point, ESG acts as a signal to reduce information asymmetry; beyond it, benefits diminish or turn negative due to agency cost concerns. Furthermore, bank lending exhibits "rigidity in hard information": while ESG performance cannot substitute for collateral requirements, superior ESG significantly enhances relationship depth with large banks through homophily. Regarding the feedback effect of financing, the study reveals a conditional "resource crowding-out effect": new borrowing tends to crowd out sustainable investments for firms with lower ESG performance, whereas top-tier ESG firms demonstrate institutional resilience to effectively buffer against debt pressure. These findings provide empirical evidence for staged sustainable strategies for SMEs and differentiated credit policies for the banking sector.