本研究旨在深入探討國家ESG（環境、社會與治理）指標對新興市場主權債券利差的影響。本研究對象國家涵蓋了不同區域的新興市場，進一步增加了研究的全面性。透過對新興市場數據的實證分析結果發現，ESG評分較高的國家，其主權債券的利差顯著較低，這一結果證實了ESG表現與利差之間存在顯著的負相關。這些發現為政策制定者和市場參與者在進行ESG投資決策時提供了重要的參考依據。基於研究結果，建議加強ESG資訊揭露的規範性和透明度，並鼓勵政府及監管機構支持企業在環境和社會層面上的改善，以促進永續金融的發展和提升整體市場對ESG的重視。這不僅能夠提升企業的ESG實踐，也能提高投資者對這些維度的關注和評價。

This research aims to explore the impact of national ESG (Environmental, Social, and Governance) indices on sovereign bond spreads in emerging markets. The study encompasses countries from various regions, enhancing the scope and depth of the analysis. Empirical analysis of data from emerging markets indicates that countries with higher ESG scores tend to have significantly lower sovereign bond spreads, thereby confirming a substantial negative correlation between ESG performance and bond spreads. These findings offer critical insights for policymakers and market participants when making decisions related to ESG investments. Based on the results, it is recommended to strengthen the regulatory framework and transparency of ESG information disclosure and encourage government and regulatory bodies to support corporate improvements in environmental and social realms. Such measures are expected to foster the development of sustainable finance and elevate the overall market emphasis on ESG. Not only would this enhance corporate ESG practices, but it would also increase investor attention and valuation of these dimensions.

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