本研究主要在探討永續報告書揭露的兩個主題：於管理面揭露永續供應鏈管理與確信面揭露確信標的之資訊效果，以2018-2020年Thomson Reuters Asset4所評比之臺灣上市櫃公司進行研究，藉由債權人的角度檢視公司於永續報告書揭露上述兩項管理面與確信面的主題是否有助於降低債務資金成本及獲得較佳的信用風險評級，並分別從揭露與否及GRI Index揭露數量兩種角度，為永續供應鏈管理與確信標的之揭露效果提供證據。此外，也隨著近年來永續報告書編製趨勢的逐年提升，面對這個現象，投資人也擔心公司是否會有漂綠的問題。因此本研究也以揭露永續供應鏈管理為例，探討公司於揭露重大ESG政策，如果同時於確信報告揭露該項重大ESG政策被列為確信標的者，對於債權人是否能提供額外的資訊效果進行觀察。本研究實證結果如下：第一，揭露永續供應鏈管理政策的公司，其債務資金成本及信用風險較低，但無法發現GRI永續供應鏈管理指標揭露數量愈多(即永續供應鏈管理的揭露愈符合GRI Standards的編製規定)有顯著的資訊後果。第二，將永續報告書交付第三方確信的公司，揭露確信標的對金融機構的風險評估並無顯著的資訊效果。第三，GRI永續供應鏈管理指標揭露數量愈多，且將永續供應鏈管理作為確信標的之公司，反而會提升其債務資金成本及信用風險。

Sustainable supply chain management (SSCM) has been seen as material issues by multinational enterprise in recent years. Additionally, to enhance the transperancy and comparability of assuranced ESG report, underlying subject matter (USM) of assurance has been seen as the future trend to improve the quality of assurance. Therefore, this study wants to investigate the informational consequences of disclosing policy of SSCM and USM from the creditors’ perspective. As the finding shows, the results indicate that disclosing SSCM brings the benefits of upgrading the credit rating and decreasing the cost of debt. As SMI, this study can't find the evidence that disclosing USM has the informational consequences. However, I find when corporate discloses their SSCM policy more meet with GRI Standards and make assurance to the SSCM simultaneously, then will increase the cost of debt and degrading the credit rating. It means that the expectation of ESG by stakeholders is to do more widely but not to conduct deeply currently, owing to SSCM need more cost than other ESG indicators.

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