此篇文獻是探討銀行適用赤道原則精神之決定性因素及經濟後果，並以台灣本土銀行作為研究對象，包含各公股銀行及各商業銀行。經實證分析發現，注重企業社會責任表現之銀行會傾向將赤道原則精神納入授信政策中，且赤道銀行通常屬經濟規模較大之銀行。另一方面，採行赤道原則後不僅會使銀行之機構投資人比例增加，更有機會使本益比提升，並進一步降低銀行之資金成本。整體而言，此篇研究證實，銀行在採行赤道原則，將企業對於社會、環境影響之考量因素納入授信政策中後，會產生有利於銀行之經濟後果。

According to the Equator Principles official site, the Equator Principles (EPs) is a risk management framework for determining, assessing and managing environmental and social risk in financing projects. This paper examines the determinants and economic consequences of banks adopting the Equator Principles, which are measured using the database of local banks in Taiwan. The empirical analysis finds that banks with better corporate social responsibility performance, greater size and market-to-book ratio tend to adopt the Equator Principles. In return, these banks gain higher levels of institutional ownership, higher P/E ratio, and lower capital cost under the Equator Principles. Collectively, the results of this paper suggest that adopting the Equator Principles delivers economic benefits and lowers the cost of capital.

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