永續金融與銀行績效-傳遞途徑之驗證

本研究以2015年至2021年37家國內銀行之縱橫資料，探討ESG (環境、社會以及公司治理）活動與銀行績效的關係，並近一步探究ESG活動會透過何種傳遞途徑影響銀行績效。資料來源為台灣經濟新報所提供的TESG永續發展指標資料庫。透過多元迴歸分析，本研究發現銀行整體ESG得分對Tobin's Q（銀行績效）沒有顯著影響，在ESG的三個構面中，只有公司治理（GO）對銀行績效有顯著倒U型非線性的影響。而在檢視債務資金成本、現金流量與淨利率差三個銀行績效的傳遞途徑後發現，債務資金成本是ESG活動影響銀行績效的重要傳遞途徑，且此傳遞途徑為倒U型非線性的影響，主要表現於ESG之公司治理此子構面。研究結果顯示對銀行而言，透過公司治理的改善，初期會透過提高負債資金成本此傳遞途徑，對銀行績效產生負面影響；而隨著銀行持續投入公司治理，則可降低銀行的負債資金成本，進而對銀行價值產生正面的影響。

This research investigate the nexus between ESG (Environmental, Social, and Governance) activities and banks’ performance, as well as explore the transmission channels. Using panel data for 37 Taiwan’s banks for the period 2015-2021, the firm-level ESG score from the TESG Sustainable Development Indicator Database provided by TEJ. The results of the multiple regression analysis in this study indicate that the overall ESG score of banks does not have a significant impact on Tobin's Q (a banks’ performance measure). Among the three dimensions of ESG, only the governance dimension exhibits a significant inverted U-shaped nonlinear effect on banks’ performance. Furthermore, I examines the transmission channels of ESG activities, including the cost of debt, cash flow, and net interest margin, I found that the cost of debt serve as the transmission channel which ESG activities influence banks’ performance. This transmission channel is particularly evident for the overall ESG score and the Governance sub-dimension. These findings suggest that, for banks, continuous improvements in corporate governance can reduce the cost of debt, subsequently promote banks’ performance.