碳揭露與代理成本對債務資金成本之影響

本研究主要探討企業碳揭露與代理成本對債務資金成本之影響。以2013年至2017年之上市（櫃）企業為研究對象，碳揭露與債務資金成本之研究結果呈現負相關，表示揭露碳排放將使得金融機構降低對企業之必要報酬，使企業之債務資金成本降低；代理成本以自由現金流量與營業費用率衡量，其研究結果呈現正相關，表示企業之代理成本愈高將使得金融機構提高對該企業之必要報酬。此外，本研究亦針對當企業予以進行碳揭露之情況下，代理成本是否對於碳揭露與債務資金成本具有調節效果，其研究結果顯示為負相關，表示即使企業已於企業社會責任報告書中揭露碳排放之情況下，若企業及金融機構之間仍存在資訊不對稱之問題時，金融機構仍然會認為企業之代理成本較高，進而提高其要求之必要報酬，故當代理成本較高時將對碳揭露與債務資金成本具有抑制效果。

關鍵字

碳揭露；代理成本；債務資金成本

並列摘要

This study explores the impact of corporate carbon disclosure and agency costs on costs of debt capital. This study uses the sample of Taiwanese listed companies from 2013 to 2017. The empirical results show that carbon disclosure has a negative impact on costs of debt capital. That is, the disclosure of carbon emissions will enable financial institutions to reduce the costs of debt capital; Moreover, agency costs are measured by free cash flow and operating expense ratio, and the empirical results show that the agency cost has a positive impact on costs of debt capital. That is, the higher the agency cost of the enterprise will enable financial institutions to increase the required return for the enterprise. Additionally, this study investigated that when an enterprise conducted carbon disclosure, whether agency cost served as a moderator between carbon disclosure and cost of debt capital. The research results revealed that the interaction effect of the agency cost and carbon disclosure has a negative relationship on the cost of debt. That is, when information asymmetry existed between the enterprise and the financial institution, even if an enterprise disclosed carbon emission in the corporate social responsibility report, the financial institution would still increase the cost of debt capital.