綠色債券溢價現象研究：發行者特徵分析

Abstract

本研究以全球上市公司在2013年至2023年所發行的綠色債券為樣本，討論公司發行綠色債券是否可取得相對於傳統債券較低的借款成本，或稱「綠色溢價」(Green Premium)。此外，本研究也進一步檢驗此差異是否受到發行公司或其所在國家特徵的影響。實證結果發現，平均來說綠色債券並不存在綠色溢價，但發行殖利率在以下情況較低：當發行公司或其所屬產業先前未曾發行綠色債券，或其國家的永續環境績效較差，或公司面臨較多融資限制，或其公司的聲望較高、以及發行公司具有較好的永續績效時。

Using a sample of global listed companies from 2013 to 2023, this study examines whether green bonds have a lower issuance yield than traditional bonds, known as the “Green Premium.” Additionally, the study further investigates whether characteristics of the issuing company or its country affect the Green Premium. Empirical results indicate that on average green bonds do not enjoy a Green Premium. However, issuance yields are lower under the following conditions: (i) when the issuer or its industry has not previously issued green bonds, (ii) when the sustainability performance of the issuer’s country is poorer, (iii) when the issuer faces severer financing constraints, (iv) when the issuer has higher reputation, and (v) when the issuing company has better sustainability performance.