企業—銀行關係對企業 ESG 作為之影響

Abstract

臺灣金融管理委員會自 2017 年開始推動綠色金融行動方案，鼓勵金融機構將 ESG 風險因子納入授信審查，讓金融機構帶動整體企業善盡環境、社會與公司治理相關責任。本研究主要探討銀行是否會透過借貸關係影響企業之 ESG 作為和表現。研究樣本使用 2015 年至 2021 年的企業貸款樣本，透過分析臺灣經濟新報所制定的永續發展指標 TESG 分數變化來衡量銀行對借款企業的影響。實證結果顯示，企業的 ESG 作為並未受到往來銀行所影響，亦即不會隨著往來銀行對 ESG 議題的態度而隨之調整自身的永續發展作為，有擔保授信企業也沒有跡象顯示會更容易受到銀行的約束而提升 ESG 績效，此結果顯示銀行透過借貸關係傳遞永續發展概念可能尚未產生成效。

The Financial Supervisory Commission of Taiwan has been promoting the Green Finance Action Plan since 2017, encouraging financial institutions to incorporate ESG risk factors into their lending processes and to encourage corporate responsibility in environmental, social, and governance (ESG) issues. The study aims to analyze whether banks influence a company’s ESG performance through lending relationships. The sample consists of corporate loans from 2015 to 2021, and the study measures the bank’s impact on borrowing companies by analyzing the changes in TESG score, a sustainability development indicator developed by Taiwan Economic Journal (TEJ). The empirical results show that a company’s ESG performance is not influenced by banks. There is also no evidence that companies secured by collateral are more likely to be improve their ESG performance. These results suggest that the transmission of sustainable development concepts through lending relationships may not have produced significant effects yet.