隨著氣候變遷、社會責任與公司治理等議題日益受到重視，永續金融已逐漸發展為全球金融業的重要趨勢。近年來，台灣政府亦積極推動永續相關政策，使金融機構在資源配置與風險管理中扮演關鍵角色，特別是在永續理念加速制度化的背景下，金融機構能否有效將 ESG 因素納入放款策略，以及其 ESG 表現是否反映於信用評等結果，成為值得深入探討的議題。本研究以 19 家台灣上市金融機構為對象，運用DEA-Modified Dynamic Three-Stage SBM model，整合營運、永續與金融評價三個階段，並引入固定資產作為結轉變量，評估 2020 年至 2023 年間各機構之效率表現與變化。研究結果顯示，多數金融機構在永續放款方面已展現良好效率，此外，實證分析亦發現 ESG 效率與信用評等效率之間存在正向關係，顯示永續實踐有助於提升外部評價，值得注意的是，在 ESG 三大指標的平均效率上，永續金融先行者聯盟的表現反而低於其他金融機構。綜合而言，本研究期盼能為相關當局與金融機構提供參考依據，以促進台灣金融體系在永續發展及評價制度的完善。

As issues such as climate change, social responsibility, and corporate governance receive growing global attention, sustainable finance has gradually emerged as a key development trend in the financial industry. In recent years, the Taiwanese government has actively implemented sustainability-related policies, positioning financial institutions to play a critical role in resource allocation and risk management. Particularly under the accelerating institutionalization of sustainability principles, whether financial institutions can effectively incorporate ESG factors into their lending strategies and whether ESG considerations are reflected in their credit rating outcomes has become a subject worthy of in-depth investigation.
This study examines 19 publicly listed financial institutions in Taiwan, employing a DEA-Modified Dynamic Three-Stage SBM model to evaluate performance across three dimensions: operational efficiency, ESG-related performance, and credit rating evaluation. Fixed assets serve as carry-over variables to assess efficiency from 2020 to 2023. The empirical results indicate that most institutions have demonstrated robust efficiency in sustainable lending. Furthermore, a significant positive relationship between ESG efficiency and credit rating performance is observed, suggesting that sustainable practices contribute to improved external evaluations. Notably, the average ESG efficiency of members in the Sustainable Finance Pioneer Alliance is lower than that of other institutions.
Overall, this study aims to provide actionable insights for regulators and financial institutions, contributing to the advancement of sustainability initiatives and enhancing evaluation frameworks in Taiwan’s financial system.

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