近年來，永續發展已成為全球關注的核心議題。隨著永續金融理念的興起，金融機構逐漸將 ESG 表現納入授信與利率決策中，其中「永續連結貸款」因將貸款利率與企業永續績效直接掛鉤，成為推動企業淨零轉型的重要工具。然而，銀行在提供利率優惠吸引企業參與的同時，是否會因利息收入壓縮或審核成本增加而影響其營運表現，學界尚未形成一致結論。
本研究以台灣31家本土銀行為研究對象，探討銀行發行永續連結貸款對其營運效率之關聯。主要實證結果發現，永續連結貸款之發放與否及發放規模對銀行成本收入比及資產報酬率（ROA）均未有顯著影響，推測與台灣永續連結貸款發展尚未成熟、占總放款比例少等有關；進一步區分公股及非公股銀行後發現，公股銀行在擴大永續連結貸款規模時，其成本收入比下降幅度較非公股銀行更為顯著，表示公股銀行因配合政府永續政策、具備穩定資金來源，能更有效分攤有關之成本。本研究旨在補充台灣永續金融相關文獻，並提供實務界在制定永續金融策略與政策時的參考依據。

In recent years, sustainability has become a core issue of global concern. With the rise of sustainable finance, financial institutions have increasingly incorporated ESG performance into their credit approval and interest rate decisions. Among these initiatives, sustainability-linked loans have emerged as an important tool for promoting corporate net-zero transition, as they directly tie loan interest rates to firms' sustainability performance. However, whether offering such preferential rates affects banks' own operating performance remains an open question without a clear consensus in the literature.
This study examines 31 domestic banks in Taiwan to investigate the association between banks' issuance of sustainability-linked loans and their operating efficiency. The main empirical results show that neither the issuance nor the scale of sustainability-linked loans has a significant effect on banks' cost-to-income ratio or return on assets (ROA), likely reflecting the still-immature development of sustainability-linked loans in Taiwan and their small share of total lending. Further distinguishing between public and private banks reveals that public banks experience a more pronounced decline in cost-to-income ratio as their sustainability-linked loan portfolios expand, suggesting they can more effectively absorb the associated costs through their policy-linked funding stability. This study aims to supplement the literature on sustainable finance in Taiwan and provide an empirical basis for practitioners formulating sustainable finance strategies and policies.

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