摘要
本論文調查台灣上市公司中銀行貸款機構對環境信息披露質量較高的公司收取的利率是否會顯著降低，發現碳揭露詳細類別報告質量較高的公司的銀行貸款利率明顯較低，且信用等級較高。本文提供的證據表明，由於信息不對稱的減少、財務限制的降低和產權的加強，以及銀行貸款的改善，將對於企業環境信息披露對企業的債務成本和降低違約風險具有正面影響。

Abstract
I investigate that bank loan lenders charge a significantly lower interest rate to firm with higher quality of environmental information disclosures. Using the divergence of Carbon disclosure of Taiwan listed firms, I find that the firms with higher reporting quality of detailed categories of Carbon disclosures have significantly lower bank loan rates and higher credit ranks. This paper provides the evidence that the corporate environmental information disclosures has positive impact on firms’ cost of debt and lower the default risk. The improvement of bank loans due to the reduction of the information asymmetry, lower financial constraints and strengthening of the property rights.

Contents
Abstract ii
1. Introduction 1
2. Literature review 4
3. Data 12
4. Empirical result 15
5. Conclusion 20
Reference 22
List of Figures
Figure 1. Recommendations and Supporting Recommended Disclosures 25
Figure 2. Climate-Related Risks, Opportunities, and Financial Impacts 26
List of Tables
Table 1. Summary statistic 27
Table 2. Firm characteristics comparison before environmental disclosure 28
Table 3. Regression of bank loan rate against environmental disclosure 29
Table 4. Effect of SEC declaration on mandatory disclosure news 30
Table 5. Channel of the environmental disclosure on bank loan rate 1 31
Table 6. Channel of the environmental disclosure on bank loan rate 2 32
Table 7. Channel of the environmental disclosure on bank loan rate 3 33
Table 8. Channel of the environmental disclosure on bank loan rate 4 34
List of Appendix
Appendix A. Bank loan released ratio 35
Appendix B. Variable descriptions 38
Appendix C. Scope 3 disclosure name list 40
Appendix D. Other environmental disclosure regressions for bank loan rate 43
Appendix E. Another indicator in environmental disclosure regressions 44

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