臺灣上市櫃企業發行綠色債券與公司績效之關聯性分析

Abstract

隨著永續治理在企業營運中變成不可或缺的重要角色，市場發展出不同的綠色投資相關工具，作為公司募集資金的同時，提前做好準備以達成 2050 淨零碳排之目標，而綠色債券即是常見的融資工具之一。本文將研究臺灣發行綠色債券與公司績效之關聯性，其公司績效涵蓋財務績效、營運表現、市場反應等指標，以 2017-2022 年發行綠色債券之臺灣上市櫃企業作為研究對象，藉由迴歸分析，探討綠色債券發行後對公司績效的影響。實證結果顯示，綠色債券與淨值報酬率、資產報酬率均呈正相關性，顯示綠色債券之發行對於公司績效將創造正向影響，而 Tobin’s Q 為負相關，表示目前市場未對發行綠色債券之公司有積極反應。另外，本研究亦加入國內綠色債券之個案分析，藉由研讀公開說明書及資金運用報告書，歸納臺灣綠色債券的獨特性，以及追蹤實際資金流向與對環境之改善成果是否與投資計畫有差異。分析結果發現，有些公司將部分募集資金投入於償還過去綠色投資計畫之貸款，有利於未來中長期能夠彈性運用資金，另外，大部分企業因市場環境及公司政策而對綠色投資運用略有變化，然整體而言與原先規劃資金流向及預期環境效益差異不大。

As sustainable governance becomes an important role in corporate management, a financial market has developed several green investment tools. Companies could raise funds through the green instruments, and meanwhile they get ready to achieve a target of net-zero emissions by 2050. Green bond issuance is one of the common financing tools. This research mainly studies the relationship between green bond issuance in Taiwan and corporate performance, including financial performance, operational performance, and market reaction. The empirical results show that green bonds are positively correlated with return on equity, and return on assets, indicating that the issuance of green bonds could promote the improvement of corporate performance. However, there is a negative relation between green bond issuance and Tobin’s Q, which means the market has doubts about the impact of the issuance of green bonds. Furthermore, this research includes a case study of green bonds in Taiwan. By studying the prospectuses and capital utilization reports, the study summarizes the uniqueness of Taiwan’s green bonds and tracks the capital flow and environmental improvement results. The analysis finds that some companies invested part of the funds in repaying the loans of past green investment plans. In addition, most companies have slightly changed their investment utilization in response to the market environment and company policies. Overall, they followed the prospectuses.