摘 要
本文以發行永續發展債券之臺灣上市上櫃公司為研究樣本，探討發行永續發展債券之宣告效果，並檢驗樣本公司發行永續發展債券相較於其發行傳統債券是否有顯著更高之宣告效果。研究發現，發行永續發展債券有正向的宣告效果，而發行永續發展債券相較於發行傳統的普通公司債或是金融債券，股票市場的宣告效果更好。這些結果顯示，相較於發行傳統債券將資金用於資本支出、改善財務結構或充實營運資金等，投資者更支持將資金用於綠色投資計畫或是社會效益投資計畫中，鼓勵企業朝向永續發展經營。
關鍵詞：綠色金融、永續發展債券、事件研究法
Abstract
This article takes Taiwan listed firms that issue sustainable bonds as a research sample to explore the announcement effect of issuing sustainable bonds and examine whether the sample firms have a significantly higher announcement effect of issuing sustainable bonds than conventional bonds. The study found that issuing sustainable bonds had a positive announcement effect and that issuing sustainable bonds had a better announcement effect on the stock market than issuing conventional corporate bonds or financial bonds. These results show that investors are more supportive of using funds for green or socially beneficial investment programs to encourage firms to move toward sustainable operations than for traditional bond issue to finance capital expenditures, improve financial structures, or replenish working capital.
Keywords: Green finance, Sustainable bonds, Event study