隨著ESG議題逐漸的發酵，政府及企業也已經開始注重ESG的發展，在過往有國外的文獻指出發展ESG的企業，會增加整體的企業價值，因此會間接降低借款利率；而以台灣企業為樣本的文獻相對較少，因此本研究旨在探討臺灣企業ESG的績效表現對於借款利率是否有所影響。本研究以 2016 年至 2022 年臺灣上市上櫃公司做為樣本，並以普通最小平方法進行迴歸實證研究。研究結果顯示，企業的ESG評級越高，在借款利率方面，可以顯著的獲取較低的借款利率；除此之外，本篇研究最主要的貢獻在於進一步拆分ESG子維度，探討哪一個對於借款利率最具影響。研究結果顯示，公司治理對於借款利率有著更顯著的影響，而環境及社會對借款利率並無顯著的影響，這也意味著目前整個台灣的金融界，主要比較關注在公司治理方面，因此，我認為本研究的結果為政府機構和金融機構在推廣ESG及制定相關政策時提供了重要的參考方向：應當加大對環境保護和社會責任的支援力度，來使整體的ESG發展更佳的平衡。

With the escalating prominence of ESG issues, both governments and businesses have begun to focus on ESG development. Prior literature has suggested that companies advancing in ESG tend to enhance their overall corporate value, indirectly leading to reduced borrowing rates. However, there is relatively limited literature on Taiwanese companies in this regard. Hence, this study aims to explore whether the ESG performance of Taiwanese enterprises affects borrowing rates. Using data from Taiwan-listed and OTC companies from 2016 to 2022, this study employs ordinary least squares regression for empirical analysis. The results indicate that higher ESG ratings are associated with significantly lower borrowing rates. Moreover, a significant contribution of this study lies in further disaggregating ESG sub-dimensions to identify which one exerts the most influence on borrowing rates. The findings reveal that corporate governance has a more pronounced impact on borrowing rates compared to environmental and social factors. This suggests that the financial sector in Taiwan primarily emphasizes corporate governance. Consequently, the results of this study provide valuable insights for government agencies and financial institutions in promoting ESG and formulating relevant policies: there should be increased support for environmental protection and social responsibility to achieve a better balance in overall ESG development.

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