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  • 學位論文

建立綠色信用風險評等機制與融資決策之研究

Assessment of Green Credit Scoring Mechanisms, and Financing Decisions for Model Building

指導教授 : 李堅明
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摘要


摘要: 為解決金融危機與全球暖化問題,聯合國環境規劃署(UNEP)於2009年初,開始倡議以節能減碳、綠色能源科技、及創造綠色就業為主軸的「綠色新政」(Green New Deal, GND),已引起全球各國極大回響。因此,如何有效地將金融體系資金導入綠色產業與節能減碳投資,已成為金融部門發展的最重要課題。 近年來,許多文獻指出,企業環境績效與財務績效具正向關係(如Annandale et al., 2001;Dasgupta et al., 2002;Dowell et al., 2000;Hoffmann et al., 2009;Klassen and McLaughlin, 1996;Nakao et al., 2007),及兩者之因果關係(如Bansal and Roth, 2000; Reinhardt, 1999; Steger, 2000);然而,也有研究指出,好的環境績效不必然會帶來正向的經濟與財務績效(如Ilnitch and Schaltegger, 1995; Schaltegger and Figge, 2000; Benson et al., 2006; Elsayed and Paton, 2007; Kreander et al., 2005)。因此,如何將環境因子納入信用評等機制?及發展最適融資決策模式,將是金融部門最重要的課題。 本研究主要目的在建立新綠色信用評等機制,取代現存的信用評等方法,基於此,本研究首先建立綠色信用評等理論模型,探討金融機構的融資決策問題;其此,本研究依據理論模型的分析結果,選擇三個案例進行實證分析。實證結果證實,綠色信用評等機制,的確會影響銀行融資行為,將資金由「棕色產業」流向「綠色產業」。

並列摘要


ABSTRACT: To solve the financial crisis and global warming, the United Nations Environment Programme (UNEP) Initiated "Green New Deal, GND" in 2009. Launching clean energy (such as energy efficiency and renewable energy) has become a major policy and measure of the GND, and creating green jobs is main purpose. Therefore, how to support and finance funding demands of emerging green industries is the priority issue, in the financial sector. There is a lot of literature indicating industrial environmental performance has a positive relationship with its financial performance (such as Annandale et al., 2001 ; Dasgupta et al., 2002 ; Dowell et al., 2000 ; Hoffmann et al., 2009 ; Klassen and McLaughlin, 1996 ; Nakao et al., 2007). However, There are some papers also show the relationship between environmental performance and financial performance is ambiguous. Therefore, how to incorporate environmental factors into credit scoring? and developing an optimal financing decision process are the most important issue in the financial sector. The main purpose of this research is to build a new green credit scoring mechanism. This green credit scoring mechanism is to substitute the existing one. To achieve this objective, firstly the study establishes a theoretic green credit scoring model, and discusses its optimal financing decision process in the banking system. Secondly, based on the above analytical results, this study selects three cases for empirical analysis. According to the empirical results, the research has discovered green credit scoring can indeed change the financing decision process, this means green credit scoring can induce a transfer of funding from brown industries to green industries.

參考文獻


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被引用紀錄


梁容愷(2015)。企業環境保護程度與財務績效、違約風險的關聯性〔碩士論文,淡江大學〕。華藝線上圖書館。https://doi.org/10.6846%2fTKU.2015.00992

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