ESG議題是現下企業經營的顯學，本研究探討企業從事ESG活動是否會影響債務成本，企業從事ESG活動可提高企業競爭力，擁有正面形象及較佳的聲譽以及對外部風險的耐受度，透過正式溝通管道建立起與債權人的良好溝通，降低資訊不對稱的代價，使債權人能在配合政策推廣綠色金融的同時可以妥善評估企業違約風險的資訊，若債權人評估結果為可降低違約風險，可能會給予企業較佳的融資條件，降低企業的債務成本。本研究實證證明企業投入ESG活動可獲得較低的債務資金成本，且將環境、社會、公司治理分別檢視對企業債務成本的影響程度，發現投入各領域皆能獲得較低的債務資金成本，尤其以環境與公司治理面向更為顯著。此結果可成為未來企業發展可持續商業模式的參考，亦可解釋債權人更重視環境與公司治理議題因為與法規裁罰及企業經營穩定性的關聯度更緊密。此外，ESG活動是需要企業投入大量資源，而企業規模反映企業資源的多寡，本研究以企業規模為調節變數，實證發現企業規模越大會減弱ESG成果對債務成本的影響明顯，這意味著大型企業的ESG努力對於借款成本的影響有限，同時也反映出綠色金融的成果可能需要深入研究和分析。

ESG issues are crucial for the modern businesses. This study examines the impact of ESG activities on debt costs. It finds that corporates engaging in ESG activities enhance competitiveness, reputation, and risk resilience. By establishing communication channels with creditors, corporates reduce information asymmetry costs, enabling better assessment of default risks. Creditors may offer favorable financing conditions, lowering debt costs if default risks are perceived to be reduced. Empirical evidence supports lower borrowing costs for corporates investing in ESG activities. Environmental and corporate governance dimensions have significant effects. Larger companies show weaker influence of ESG factors on debt costs, suggesting limited impact and requiring further research.

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