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| Title: | 台灣綠色債券發展與各國比較之研究
Green Bonds Development in Taiwan and Other Countries: A Comparison |
| Authors: | 陳立中
Chen, Li-Chung |
| Contributors: | 于卓民
傅浚映
陳立中
Chen, Li-Chung |
| Keywords: | 綠色債券
氣候債券
永續經營
綠色投資
政策誘因
Green bonds
Climate bonds
Sustainability
Green investing
Government incentives |
| Date: | 2018 |
| Issue Date: | 2018-10-01 12:21:41 (UTC+8) |
| Abstract: | 近年來，隨著環境污染、極端氣候、資源分配等環境議題被日漸重視，「綠色投資」的概念也因此興起。在眾多綠色的投資項目和金融商品裡，綠色債券已成為許多企業或政府單位在綠色轉型、永續發展的過程中不可或缺的融資管道。
本研究探討台灣目前綠色債券市場之發展概況，並藉由分析各先進國家發行綠色債券之現況，針對政府法規、發債背景、認證標準、發債單位及其他利害關係人等議題進行研究，試圖觀察並歸納出其中是否有台灣綠色債券市場值得效法之處。透過彭博社（Bloomberg）資料庫取得綠色債券之量化資料以利了解整體趨勢，並分析債券本身其到期年限、到期殖利率和票息在不同洲或不同國家是否存在一定的規律及樣態。此外，本研究也針對所探討之國家，各選出一間能源相關與一間非相關，共八間企業，研讀其所發行綠色債券之相關文件，分析其撰寫內容、方式與風格之差異所在。研究者期能針對台灣綠色債券市場面及政策面給出建議，同時也能為未來想以綠色債券作為融資管道的企業給出撰寫方向與建議。
研究結果發現，債券之年限、殖利率與票息之間並無一定的規律與樣態；歐美比亞洲所發行的綠色債券年限要來得長，且著重在城市基礎建設翻新與綠能投資上；中國執政單位提供政策誘因使其綠色債券能在近二年快速發展，顯示出政策上的支持對綠色債券發展之重要性；法國企業所撰寫之公開募集書值得台灣發債方借鑒、效法，在撰寫上應著重於結合募得資金之用途與企業策略的發展，積極與投資人溝通，增加資訊透明度；各國普遍採用國際性組織之綠色債券原則撰寫募集書，並積極尋求認證；台灣政府應吸引具發綠債經驗的國外企業來台發債，藉此學習其作法。
“Green Investing” has become more popular as attention towards issues such as environmental pollution, extreme weather condition, and resource allocation has been rising in recent years. Among many different green financing instruments, green bond has become an indispensable financing tool to many enterprises and governments in terms of green transition and sustainable growth.
The study mainly discussed the current development of the green bond market in Taiwan. By analyzing the regulations, historical backgrounds, certification standards and stakeholders involved in several developed countries, the researcher was trying to observe several advantages that Taiwan could learn from. The quantitative data of green bond was collected from Bloomberg in order to better understand the overall trend and to find out as well whether there exist patterns between variables such as duration, yield rate, and coupon rate. In addition, the study selected 8 energy and non-energy-related companies from 4 countries and read the required documents for green bond issuance to identify the uniqueness and differences of the contents. In sum, the researcher’s main objective is to give suggestions to Taiwan’s green bond market from policy and market’s perspectives, as well as making useful document-writing advice for companies that plan to issue green bond in the coming future.
The study showed several results: First, there were no significant patterns between green bond variables. Second, the green bonds issued in Europe and the US have a longer duration than ones issued in Asia, and most of which were issued to support
urban infrastructure revitalization and renewable energy investments. Third, government support and incentives are important when it comes to green bond development. China’ government provide a holistic supporting plan and strong tax incentives to help boost its green bond market in 2 years. Furthermore, the indenture and related documents published by French companies are worth reading and learning for potential green bond issuers in Taiwan. The use of proceeds should align with corporate strategies, and issuers should keep close communication with investors to ensure information transparency. Countries have adopted the Green bond Principle framework to acquire an international recognition and certification. Finally, the government in our country should attract experienced foreign companies that to issue green bonds in Taiwan in order to learn from their experiences and get to know the way they issue green bond. |
| Reference: | 中文文獻
1. 王嘉緯、黃瀞儀（2015）。綠色金融（Green Banking）對台灣金融業之啟示。台北：台灣金融研訓院。
2. 中國民商法律網（2016）。美國可再生能源立法及其啟示。壹讀。取自
https://read01.com/z04B0j.html#.Wyxq9xIzYWo
3. 同花順（2016）。國外綠色債券認證方式的解讀及比較。每日頭條。取自
https://kknews.cc/zh-tw/finance/kxaaplr.html
4. 安永聯合會計師事務所（2017）。綠色金融助力能源產業發展。台北：安永聯合會計師事務所。
5. 沙米格（2018年1月11日）。【全球報告】匯豐銀行（HSBC）發行全球第一檔企業SDG債券。CSRone永續報告平台。取自
https://www.csronereporting.com/topics/show/4639
6. 李建歡（2017）。回應綠色債券之正當性危機-以世界銀行環境與社會框架為中心。國立政治大學國際經營與貿易學系研究所碩士論文。
7. 金管會（2017）。綠色金融行動方案。台北：金管會。
8. 金管會（2016）。如何鼓勵國內資金投入綠能產業。台北：金管會。
9. 林季鴻（2011）。綠色投資引領全球綠色經濟發展。台北：經建會綜合計劃處。
10. 林孝樺（2017年8月17日）。綠色債券種類與特性。宇智顧問。取自
http://www.phycos.com.tw/articles/231
11. 財團法人中華民國證券櫃檯買賣中心（2018）。綠色債券上櫃制度介紹。台北：財團法人中華民國證券櫃檯買賣中心。
12. 財團法人中華民國證券櫃檯買賣中心（2017）。綠色債券作業要點。台北：台灣財團法人證券櫃檯買賣中心。
13. 氣候債券倡議組織（2017）。中國綠色債券的國際認證。倫敦：氣候債券倡議組織。
14. 氣候債券倡議組織（2017）。中國綠色債券的國際認證。倫敦：氣候債券倡議組織。
15. 陳碧芬（2017年11月4日）。綠色金融 行動方案 三兆上膛。工商時報。取自
http://www.chinatimes.com/newspapers/20171104000089-260205
16. 陳昱安（2016）。從巴黎協議看全球變遷議題走向。行政院農業委員會。取自
https://www.coa.gov.tw/ws.php?id=2504327&RWD_mode=Y&print=Y
17. 郭涵如（2016）。全球綠色金融發展現況-國際金融參考資料第69輯。中華民國中央銀行。
18. 商道融綠、氣候債券倡議組織（2017）。中國地方政府綠色債券激勵機制研究。
19. 曾婉禎（2018）。我國綠色債券制度簡介。證券暨期貨月刊。第三十六卷第一期。
20. 匯豐銀行、氣候債券倡議組織（2016）。債券與氣候變化市場現況報告。
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https://www.nownews.com/news/20170917/2608384
中文網站
1. 公開觀測資訊站
http://mops.twse.com.tw/mops/web/index
2. 財團法人中華民國證券櫃檯買賣中心
http://www.tpex.org.tw/web/
3. 金融監督管理委員會
https://www.fsc.gov.tw/ch/index.jsp
英文文獻
1. Climate Bonds Initiative (2018). France. London: Climate Bonds Initiative.
2. Climate Bonds Initiative (2018). Green Bond highlights 2017. London: Climate Bonds Initiative.
3. Climate Bonds Initiative (2017). Green Bonds Policy: Highlights from Q1-Q2 2017. London: Climate Bonds Initiative.
4. Climate Bonds Initiative (2015). 2015 Green Bond Market Roundup. London: Climate Bonds Initiative.
5. Climate Focus (2015). The Paris Agreement Summary. Netherlands: Climate Focus.
6. European Commission (2016). Study on the Potential of Green Bond Finance for Resource-efficient Investments. Luxembourg: European Union
7. Ernst & Young (2016). Green bonds: a fresh look at financing green projects. Canada: Ernst & Young.
8. Frank packer & Torsten Ehlers (2017). Green Bond Finance and Certification. Switzerland: Bank of International Settlements.
9. ICMA (2017). The Green Bond Principles 2017. France: ICMA.
10. Trompeter, Luke (2017) . “Green Is Good: How Green Bonds Cultivated into Wall Street’s Environmental Paradox," Sustainable Development Law & Policy: Vol. 17 : Iss. 2 , Article 3.
11. The World Bank (2015), What Are Green Bonds? , Washington, D.C.: The World Bank.
12. UNEP(2011), Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication.
13. UNEP (2011). Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication - A Synthesis for Policy Makers. www.unep.org/greeneconomy
14. Rochelle, J. (2017). Benefits to Companies that Issue Green Bonds. https://www.greenbiz.com/article/6-benefits-companies-green-bonds
英文網站
1. Equator Principles
http://equator-principles.com/members-reporting/
2. Climate Bond Initiative
https://www.climatebonds.net/
3. The World Bank
http://www.worldbank.org/
4. SNCF Réseau
https://www.sncf-reseau.fr/fr
5. Électricité de France
https://www.edf.fr/en/the-edf-group |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
105363004 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105363004 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.MBA.076.2018.F08 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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