本篇論文研究金融機構進行貸款給予台灣上市公司時是否會考量公司其空氣污染排放量，並對於空氣污染排放量較低的公司收取較低的資金成本。另外在政府監管強度增強情況下，是否高空氣汙染排放量公司影響較為顯著。本篇論文提供證據表明，在高空氣汙染排放量、增加監管強度、高環境成本，以及公司治理較差情況下，將對於企業債務成本具有負面影響。

This study investigates whether lending decisions made by banks take the firms' air pollution emissions into account. I find that the firms with higher air pollution emissions are associated with higher bank loan rate. I use the Air Pollution Prevention Action Plan in 2017 as a quasi-natural experiment to address a potential endogeneity issue. I find that firms with greater air pollution emissions significantly raise the cost of bank loans following a regulation shock, proving that banks are aware of the rise in borrowers' regulatory risk. The firms with higher environment-related penalty and poor external corporate governance are more pronounced for the increasing of bank loan rate associated with higher environmental risk.

Abstract 1
1. Introduction 5
2. Data 13
2.1. Sample Construction 13
2.2. Summary Statistics 16
3. Hypothesis and Methodology 17
3.1. Baseline Model 17
3.2. Difference-in-Differences Model 18
4. Empirical Result 21
4.1. Environmental Performance and Cost of Loan 21
4.2. The Air Pollution Prevention Action Plan Shock 23
4.3. Fine, Environmental Performance, and Cost of Loan 25
4.4. Corporate Governance, Environmental Performance, and Cost of Loan 27
5. Conclusion 29
6. Reference 31
Table 1: Summary Statistics 35
Figure 1: EPA's Website 36
Table 2: Loan Rate and Environmental Performance 37
Table 3: Effect of The Regulation on Loan Rate 38
Table 4: Effect of The Regulation on Loan Rate–Dynamic Regression 39
Table 5: Effect of The Fine on Loan Rate 41
Table 6: Effect of The Corporate Governance on Loan Rate 42
7. Appendix 43
Table A.1: Bank Loan Released Ratio 43
Table A.2: Variable Descriptions 51

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