本論文的目的為檢視ESG披露與債務成本之間的關聯。樣本部分，我使用美國上市公司的最新完整三年的數據作為樣本來進行研究，且使用OLS回歸進行分析。結果符合了原先假設，且根據結果本論文給出了三個實際應用層面的意義。首先，這直覺意味著具有高ESG揭露分數的公司確實可以降低企業債務成本。其次，這還表示資金來源方如投資者或銀行重視ESG訊息揭露，並會根據ESG訊息進行資金貸與決策。最後，在現今每個國家都受到疫情影響之時，ESG揭露變得更加重要，我們可以將其視為一種信號並藉此了解到更多公司方應對這種傳染性疾病的內部或外部作為。此外，在額外測試中之結果顯示，環境方面是ESG三面向中唯一在統計上具顯著水準的面向。表示與環境相關的訊息揭露在當今愈發重要，因此利害關係人也逐漸將其視為投資決策的主要考量因素之一。這將促使企業面對環境方面的企業社會責任不敢懈怠輕忽，願意投入更多的資源來開發環境友善產品，或是更為重視責任善盡與揭露完善與否，以將「永續」之概念付諸實踐。

The purpose of this study is to examine the association between ESG disclosure and cost of debt. Here I use the latest data for U.S listed firms as samples to conduct the study. The study uses OLS regression to analyze. The results fit the original hypothesis and give three implications. First, it implies that a firm with high ESG disclosure score can really lower cost of debt. Second, it also means that lenders such as investors and banks value ESG disclosure and conform ESG information to do their credit decisions. Third, the results also suggests that during this situation, every country is devastated by the pandemic which is getting worse, ESG disclosure turns to be more important that we can deem it as a signal and learn more internal or external acts to face this pandemic. Apart from this, in the additional test, the results show that the environmental subdimension is the only statistically significant subdivision among the three aspects. This paper convinces that nowadays the reveal of environmental-related information become much more important so stakeholders gradually deem it as one of primary factors to consider as well. As a result, firms have been investing more resources to develop eco- friendly products and put the concept of “Sustainability” into real actions.

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