綠色信用評等機制與融資決策模式

Green Credit Scoring Mechanisms and Financing Decisions

李堅明(Chien-Ming Lee) ； 江振興(Cheng-Hsin Chiang)

《台灣金融財務季刊》 12卷4期 (2011/12) Pp. 42-69

https://doi.org/10.6985/TBFQ.201112.0042

摘要

許多文獻均顯示，企業環境績效與財務績效密不可分，並逐漸受到金融機構的重視。然而，現存的信用風險評等方法，未納入企業環境績效因子，恐將扭曲金融機構的資金配置效率，降低金融體系貸放資金的環境生產力價值，不利整體國家綠色經濟發展。基於此，本研究嘗試建立一套綠色信用風險評等機制，並探討對金融機構融資決策行為之影響。進而，本研究再以台灣三個企業個案（一個污染產業及兩個綠能產業），實證在綠色信用風險評等機制之適用性。研究發現，在綠色信用風險評等機制下，的確會改變金融機構的融資決策與條件。本研究據此提出相關配套措施，提供金融主管機關推動綠色金融政策參考。

關鍵字

綠色金融 ； 碳風險 ； 信用評等

並列摘要

There is a lot of literature indicating that industrial environmental performance has a positive relationship with its financial performance. Therefore, it should be incorporated into the bank's credit scoring system. However, the current credit scoring system lacks environmental performing factors. As a result, it has led to resource misallocation and lower monetary productivity, financed by the banking system, which in turn made a long-term limitation for a green economy. The main purpose of this research is to construct a new green credit scoring mechanism, which is to substitute the existing one. To achieve this objective, firstly the study establishes a theoretical green credit scoring model, and discusses its optimal financing decision process in the banking system. Secondly, based on these analytical results, this study selects three cases for empirical analysis. According to the empirical results, the research has discovered that green credit scoring can indeed change the financing decision process, which implies that green credit scoring can induce a transfer of funding from brown industries to green industries.

並列關鍵字

Green Finance ； Carbon Risk ； Credit Scoring

參考文獻

李君屏、陳宏輝(2007)。存款保險之評價：信用風險模型之應用。風險管理學報。9(1)，5-25。

黃仁德、郭淑郁(2004)。信用風險衡量—信用風險加成模型。台灣金融財務季刊。5(3)，77-111。

張大成(2003)。違約機率與信用評估模型。台灣金融財務季刊。4(1)，19-34。

鍾經樊、黃嘉龍、黃博怡、謝有隆(2006)。台灣地區企業信用評分系統的建置、驗證和比較。經濟論文。34(4)，541-590。

(Elliott, G. and R. P. Lieli (2005), “The Prediction of Binary Outcomes,”Manuscript, Department of Economics, University of California, San Diego.).