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| Title: | 國際聯貸案之永續連結貸款發展與實務
The Development and Practice of Sustainability Linked Loan in International Syndicated Loan |
| Authors: | 倪正忠
Ni, Cheng-Chung |
| Contributors: | 江永裕
林士貴
Chiang,Yeong-Yuh
Lin, Shih-Kuei
倪正忠
Ni, Cheng-Chung |
| Keywords: | 永續連結貸款
永續連結貸款原則
關鍵績效指標的選擇
永續績效目標設定與校對
英國貸款市場協會
Sustainability Linked Loan
Sustainability Linked Loan Principles
Selection of KPIs
Calibration of SPTs
Loan Market Association |
| Date: | 2023 |
| Issue Date: | 2024-02-01 11:32:56 (UTC+8) |
| Abstract: | 氣候變遷風險加劇，世界各國政府及國際民間組織紛紛制定相應政策和指引，鼓勵企業邁向永續經營，此背景下，銀行業在評估授信案件時，除了關注企業的財務表現，還需要考慮環境、社會及治理（ESG）範疇，以檢視企業長期經營策略和風險抵禦能力。銀行業在這個永續轉型浪潮發揮關鍵金流引導作用，有助於將資源投入支持優質企業和產業的發展，同時深入了解銀行對ESG的影響。因此永續貸款成為支持企業轉型的重要商品之一，也就帶動近年來，永續連結貸款在亞太市場呈現蓬勃發展態勢。
永續連結貸款主要依循英國貸款市場協會（LMA）、亞太區貸款市場協會（APLMA）及美國聯貸交易協會（LSTA）三大協會所共同發布的原則與指引，俾利銀行與企業承作該類貸款時可以有國際標準來遵照。該原則架構，係由關鍵績效指標的選擇、永續績效目標的調整、貸款特性、定期報告以及驗證等五個核心原則所組成，並將貸款條件與企業在ESG發展項目的績效表現相連結，鼓勵企業更積極投入資源。本研究以國際間聯貸案市場目前執行標準，來探討臺灣聯貸案現況面臨的議題，所以透過歐盟地區個案、新加坡個案與臺灣三個本土個案來做比較，期為臺灣永續連結聯貸案市場提供更好建議，以期與國際標準完全接軌。
總結來說，ESG已經成為企業經營的不可或缺的一環，我國主管機關也希望銀行業在引導企業永續發展的過程中，不僅關注環境問題，還能將影響力擴展至社會和公司治理層面，真正實踐永續發展的目標。緣此臺灣銀行業在這一過程中應能扮演關鍵角色，持續推動ESG相關金融產品的發展，並且依照國際規範來建立更完善的機制與市場規範，即透過金流的力量支持產業的低碳與淨零轉型，同時驅動企業重視ESG的價值，邁向企業永續發展。
The escalating risks of climate change has led governments and international non-governmental organizations worldwide to enact corresponding policies and guidelines, encouraging businesses to adopt sustainable practices. Against this backdrop, banks, when assessing credit cases, now consider not only the financial performance of companies but also the Environmental, Social and Governance (ESG) aspects, scrutinizing long-term business strategies and resilience to risks. In the current wave of sustainable transformation, banks play a pivotal role in guiding financial investment by companies. This approach aids in allocating resources to support good enterprises and industries while gaining a deeper understanding of the impact of banks on ESG aspects. Therefore, sustainable loans have become an important financial instrument supporting corporate transformation, propelling the recent robust development of sustainable-linked loans in the Asia-Pacific region.
Sustainability Linked Loan primarily follows the published Principles and Guidelines set forth by Loan Market Association ("LMA"), Asia Pacific Loan Market Association ("APLMA") and Loan Syndications and Trading Association ("LSTA"), ensuring international standards for banks and companies involved in such financial instrument. The framework consists of five core components: Selection of KPIs, Calibration of SPTs, Loan Characteristics, Reporting, and Verification. These components link loan term sheet to the performance of companies in ESG development items, encouraging them to invest more in this area. This study reviews the current issues of Taiwan's syndicated loans by comparing practical cases from the European Union, Singapore, and three Taiwanese cases, aiming to provide better recommendations for Taiwanese market to align more closely with international standards.
In a word, ESG has become an integral part of any company’s business, and regulatory authorities in Taiwan hope that banks, while guiding sustainable development of company, will not only focus on environmental issues but also expand the influence to social and corporate governance area, truly realizing the goal of sustainable development. Taiwan's banking industry plays a vital role in this process, continuously promoting the development of ESG related financial instruments and establishing more comprehensive mechanisms and market norms in line with international regulations. This is achieved by utilizing the power of finance to support the low-carbon and net-zero transformation of sectors while driving corporations to prioritize the values of ESG and move towards sustainable development further. |
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| Description: | 碩士
國立政治大學
國際金融碩士學位學程
111ZB1060 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111ZB1060 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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