本研究旨在探討跨國聯貸市場中，外國銀行授信決策及參與結構與企業 ESG績效之關聯性。研究樣本擷取自 2004 年至 2020 年的美國企業聯貸案。實證結果表明，在全由外國銀行主辦之聯貸案中，優異的 ESG 績效具備資訊互補功能，使借款企業獲得貸款利差之價格折扣。然而，為防範 ESG 資訊潛在的漂綠與過度投資風險，外國銀行採取縮減貸款規模並縮短貸款期限，藉由提高展期頻率將被動債權轉化為主動的動態監控。在參與結構方面，ESG 績效有效緩解外國參貸銀行面臨的逆選擇與主辦行道德風險等雙重代理衝突，進而顯著提升其參與數量；然對處於資訊核心的主辦銀行而言，外部 ESG 評分屬資訊冗餘，對其參與決策無顯著影響。

This study examines the impact of corporate ESG performance on the credit decisions and participation structure of foreign banks in the cross-border syndicated loan market. Based on a sample of U.S. corporate syndicated loans spanning from 2004 to 2020, the empirical results indicate that in loans arranged exclusively by foreign banks, superior ESG performance serves an information-complementary function, enabling borrowers to secure pricing discounts on loan spreads. However, to mitigate the potential risks of greenwashing and overinvestment, foreign banks concurrently reduce loan sizes and shorten loan maturities. By increasing the frequency of loan rollovers, they transform passive debt claims into active, dynamic monitoring mechanisms. Regarding the participation structure, corporate ESG performance effectively alleviates the dual agency conflicts—adverse selection and the lead bank's moral hazard—faced by foreign participant banks, thereby significantly increasing their number of participations. Conversely, for foreign lead banks situated at the information core, public ESG ratings constitute information redundancy, yielding no significant impact on their participation decisions.

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