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| Title: | 亞洲已開發國家ESG對借款成本之影響
The Effect of ESG on the Cost of Debt in Developed Asian Countries |
| Authors: | 謝伊柔
Hsieh, Yi-Jou |
| Contributors: | 胡偉民
Hu, Wei-Min
謝伊柔
Hsieh, Yi-Jou |
| Keywords: | 借款成本
亞洲已開發國家
企業社會責任
環境社會與公司治理
Cost of debt
Developed Asian countries
CSR
ESG |
| Date: | 2023 |
| Issue Date: | 2023-07-06 16:39:23 (UTC+8) |
| Abstract: | 本文以實證研究探討企業ESG策略的卓越表現，特別是非財務因素的高度披露，是否會帶來更低的借款成本。我們假設此可帶來更好的融資渠道原因包含以下兩點，首先，由於利害關係人參與度的提高而降低了代理成本，以及因為ESG的披露程度提高進而減少了資訊不對稱。我們的資料取自Datasteam與Bloomberg資料庫，使用亞洲已開發國家的上市公司，了解當地制度對ESG的影響，我們發現ESG的披露程度，對其面臨的借款成本顯著降低，然而在ESG的績效上尚未對借款成本有顯著的影響。我們確定借款成本與ESG揭露的因果關係，且用工具變數進一步證實了結果。
This study employs empirical research to examine the outstanding performance of corporate ESG strategies, particularly the high disclosure of non-financial factors, and whether it leads to lower borrowing costs. We hypothesize that this can result in better financing channels for two main reasons: firstly, increased stakeholder engagement reduces agency costs, and secondly, enhanced ESG disclosure reduces information asymmetry. Our data is sourced from the Datastream and Bloomberg databases, and we focus on listed companies in developed Asian countries to understand the impact of local regulations on ESG. We find that the level of ESG disclosure significantly reduces borrowing costs for these companies. However, we do not observe a significant impact of ESG performance on borrowing costs. We establish a causal relationship between borrowing costs and ESG disclosure and further confirm the results using instrumental variables. |
| Reference: | 王惠芳，2011，<信息强制披露与自愿披露的重新界定与监管>。《宏观经济研究》63(4)
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| Description: | 碩士
國立政治大學
財政學系
110255009 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110255009 |
| Data Type: | thesis |
| Appears in Collections: | [財政學系] 學位論文
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