Study on the Green Bond Index in Taiwan and Discussion on the Green Disclosure Status of Its Issuers

• Main Authors: HSU, CHIH-LING, 許智玲
• Other Authors: KO,CHIUNG-FENG
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/t9wwr5

碩士 === 東吳大學 === 會計學系 === 107 === In response to the emerging era of the green economy, the government actively promotes green finance for the public to join the development of the green industry. "Green bond" is a part of the green finance, since the first issuance of green bond in May 2017, there have been 23 listing bonds in Taiwan by the end of 2018, and the total issuance amount has reached NT$34.1 billion and US$670 million. To provide reference to green bond performances in Taiwan for investors, this study intends to establish the green bond index in Taiwan and discusses the capital utilization and disclosure status of the green bond issuers. This study discusses the factors such as sampling standards, handling of the index weights, price information access channel, and return on re-investment of the green bonds. There were 407 trading days in aggregate from 19th of May, 2017 to 31st of December, 2018; however, there were only 20 entries of green bond transactions recorded in 19 days. In other words, there were only minority transactions recorded from the 7 bonds within the 23 existing bonds, representing the inactive green bonds trading market in Taiwan. As such, the building of the bond index remains difficult. It is recommended that the building of green bonds index shall be subject to the scalable medium- and long-term trading volume. Furthermore, this study examines the green bond issuance key points and the evaluation comments concerning capital usage of two green bond issuers, realizing that the capital usages of both companies are all in compliance with their intended usages set out in their issuance document. This study also looks into the environmental disclosures of the issuers set out in their annual reports and CSR reports, realizing that both companies illustrated the issuance of green bonds as a special editorial or additional section; both companies include the development of the sustainable environment in their daily operation as a matter of corporate governance. Given the foregoing, enterprises participate in green bond issuance volunteer to disclose environment-related messages, aiming at improving corporate images.