本研究旨在探討企業發生ESG永續裁罰時，是否對其債務資金成本產生影響，進一步分析不同裁罰構面（環境、社會、治理）以及裁罰次數與金額對資金成本之影響。隨著永續政策推動與金融機構風險評估機制日趨成熟，ESG相關資訊逐漸被納入授信決策之重要考量。本研究以2000至2023年台灣上市櫃與興櫃企業為實證對象，採用TEJ資料庫之永續裁罰事件與財務數據進行實證分析，衡量企業永續裁罰與債務資金成本之關聯性。
研究結果顯示，企業若發生ESG相關裁罰，特別是環境構面之裁罰，將顯著提高其債務資金成本，顯示環境裁罰最易被債權人視為融資風險之訊號。相較之下，社會與治理構面裁罰之影響尚不顯著。另就裁罰嚴重程度分析，當年企業永續裁罰之裁罰次數與裁罰金額皆與資金成本呈顯著正向關係。整體而言，本研究實證結果支持ESG裁罰資訊作為授信風險評估的重要參考指標，對金融實務與政策制定提供實證依據，並呼籲企業強化永續治理機制，以降低其資金成本與提升信用品質。

This study investigates whether ESG-related penalties influence corporate debt financing costs, with a particular focus on the impact of different penalty dimensions—Environment, Social, and Governance—as well as the count and amount of such penalties. As sustainable finance policies advance and credit risk evaluation frameworks evolve, ESG information is increasingly incorporated into lending decisions.
Using a sample of listed and OTC firms in Taiwan from 2000 to 2023, this research utilizes ESG penalty and financial data from the Taiwan Economic Journal (TEJ) to empirically examine the relationship between sustainability violations and the cost of debt.
The empirical results show that ESG penalties, especially those related to environmental issues, significantly increase firms’ debt financing costs. Environmental violations are more likely to be viewed by creditors as indicators of financing risk. In contrast, penalties in the Social and Governance dimensions do not show significant effects. Additionally, both the number and monetary amount of penalties are positively associated with higher debt costs, suggesting that the severity and count of violations serve as important credit risk signals.
Overall, this study provides empirical evidence supporting the integration of ESG penalty information into credit risk assessment, offering insights for financial practice and policy-making. It also calls on firms to strengthen their ESG governance to reduce financing costs and enhance credit quality.

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