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| Title: | ESG因子對於企業債務風險的影響
The Impact of ESG Factors on Corporate Debt Risk |
| Authors: | 陳揚捷
Chen, Yang-Jie |
| Contributors: | 李志宏
Lee, Jie-Haun
陳揚捷
Chen, Yang-Jie |
| Keywords: | ESG
債務風險
債務成本
信用評級
ESG
Debt risk
Debt cost
Credit rating |
| Date: | 2023 |
| Issue Date: | 2023-08-02 12:57:39 (UTC+8) |
| Abstract: | ESG代表企業在環境、社會、治理層面的各種作為，近年來ESG相關風險的重要度逐漸提高，議題關注度隨之提升，過去企業進行ESG投資可能會拖累財務績效，而不受投資人親睞，但在另一方面，企業亦可能享受到這些投資的效益，降低企業風險的同時還可能有收益，如提早投資減碳的公司便可以避免碳費的成本，甚至享受到出售碳權的收入。ESG相關範疇的投資可以增強未來企業在面臨相關風險的能力。而當企業風險降低，資金成本也會降低，本研究主要探討議題即為企業ESG的表現是否能夠降低債務面的風險以及成本。
為了研究此一議題，本研究使用2011年至2017年於紐約證交所（NYSE）、那斯達克交易所（NASDAQ）以及美國交易所（AMEX）上市的企業做為樣本，並以路孚特（Refinitiv）ESG評分作為企業ESG表現的衡量依據，再以標普全球評級（S&P Global Rating）做為企業長期之信用品質，觀察ESG表現與信用評級降級之間的關係。實證結果顯示ESG表現好的公司的確能夠顯著降低信用評級被降級的機率，代表能夠降低債務風險，且本研究進一步發現ESG因子也可以降低債務成本。唯每提高一分之ESG評分，降低之信用評級被降級的機率不超過0.25%，並且降低之債務成本也不超過0.0085%；若是財務體質較好的公司，降低之債務成本可提高至0.02%，但影響仍相當有限。
ESG represents the various actions taken by companies in the areas of environment, social, and governance. In recent years, the importance of ESG-related risks has been gradually increasing, leading to an increased focus on these issues. In the past, companies engaging in ESG investments may have suffered from a drag on financial performance and lack of investor’s favor. However, in the other hand, companies may enjoy the benefits of these investments. For example, companies that invest early in carbon reduction can avoid the costs of carbon fees and even generate income from selling carbon credits. Investing in ESG-related areas can enhance a company`s ability to face related risks in the future. When a company`s risk decreases, its cost of capital also decreases. This study mainly explores whether a company`s ESG performance can reduce debt-related risks and costs.
To investigate this issue, this study uses a sample of companies listed on the New York Stock Exchange (NYSE), Nasdaq, and American Stock Exchange (AMEX) from 2011 to 2017. Refinitiv`s ESG ratings are used as a measure of corporate ESG performance, and S&P credit ratings are used to assess long-term credit quality. The relationship between ESG performance and credit rating downgrades is observed. The empirical results show that companies with good ESG performance can truly reduce the probability of credit rating downgrades, indicating a reduction in debt risk. Furthermore, this study finds that ESG factors can also lower debt costs. Each one-point increase in ESG score leads to a decrease in the probability of credit rating downgrades by no more than 0.25%, and a decrease in debt costs by no more than 0.0085%. However, it should be noted that for companies with stronger financial profiles, the reduction in debt costs may be enhanced to 0.02%; nonetheless, the overall impact remains relatively modest. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357006 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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