台灣綠色債券發展與市場分析

Green Bond Development in Taiwan and the Analysis of the Market

劉泓序(Hung-Hsu Liu)

指導教授 ： 李賢源

國立臺灣大學/管理學院/財務金融學研究所/碩士(2019年)

https://doi.org/10.6342/NTU201901253

摘要

氣候變遷的加劇，促使世界各國對環境永續的議題日益重視，綠色債券作為新興的融資工具，扮演了將資金引進綠色產業的關鍵角色，台灣綠色債券市場也於2017年開始發展。
本論文回顧綠色債券在過去十餘年間的全球發展以及市場概況，並聚焦剛起步的台灣綠色債券市場，分析台灣國際板上櫃美元綠色債券的發行條件與殖利率，發現其具備台灣國際板債券天期長、多為零息債券的特色，且殖利率方面相較國外發行的相同條件債券來得低；另外，從投資者的角度而言，台灣美元綠色債券屬國際板的一部分，主要投資者為我國的壽險業為，因此壽險業投資法規的變化，牽動整個綠色債券市場的發展。本文蒐集保險業海外投資及台灣福爾摩沙債券的發行資料，亦驗證了此關聯性。
本論文認為，台灣綠色債券仍處在起步階段，政府缺乏獎勵機制，故起初爭相發行的榮景僅為發行人為了博取媒體版面，提升企業形象的手段。政府可參考歐美各國的優惠補貼政策，政策引導市場投資人增加社會責任投資，以刺激台灣綠色債券市場的發展。

關鍵字

綠色債券 ； 氣候債券 ； 福爾摩沙債券 ； 債券殖利率 ； 壽險業

並列摘要

As climate change becomes a more and more critical issue, the world has put much emphasis on environmental sustainability. Green bond as a newly developed financial instrument plays as the crucial role to induct funds to the green industry from the capital markets, and Taiwan also followed this trend, starting to develop the green bond market since 2017.
The thesis reviews the development of green bond over the past decade, has an overview of the green bond market worldwide, and lastly focuses on the newly-developed Taiwan green bond market. The thesis analyzes the conditions and the yield of the USD green bonds in Taiwan and finds out that the bonds tend to have longer terms and zero coupon rate. From the perspective of investors, Taiwan USD green bonds belong to Formosa Bond whose investors are mainly lifers in Taiwan. Thus, the green bond market in Taiwan is highly influenced by the regulations of lifer’s foreign investment. The thesis collects the data from insurance companies and the Formosa Bond market which also attests the correlation between lifers and Formosa Bonds.
The thesis concludes that the green bond market is still in its starting stage, lacking incentives for issuers and investors. The initial prosperousness of the green bond market is just an illusion, for the issuers just hope for media cover and reputation. Taiwanese Government can refer to Europe and the US government to adopt a more effective financial subsidy policy, guiding the investors to have a more socially responsible investment and boost the green bond market in Taiwan to prosper.

並列關鍵字

Green Bond ； Climate Bond ； Formosa Bond ； Bond Yield ； Lifer

參考文獻

英文參考文獻

Climate Bonds Initiative (2019). Green Bonds the State of the Market 2018. London: Climate Bonds Initiative. Retrieved from https://reurl.cc/8VM4R

Climate Bonds Initiative (2019). 2018 Green Bonds Market Summary. London: Climate Bonds Initiative. Retrieved from https://reurl.cc/XbMka

Climate Bonds Initiative (2019). Green Bonds Pricing in the Primary Market: July - December 2018. London: Climate Bonds Initiative. Retrieved from https://reurl.cc/1WAgG

Climate Bonds Initiative (2018). Bonds and the Climate Change the State of the Market 2018. London: Climate Bonds Initiative. Retrieved from https://reurl.cc/7qQrk