本研究以美國企業為研究對象，探討企業氣候風險揭露對銀行貸款定價的影響，聚焦於氣候變遷變數與貸款利差之間的關係，分析企業在財報電話會議中揭露氣候風險是否會有效影響融資成本。經由實證分析，我們觀察到當企業在財報電話會議中積極揭露氣候變遷相關議題時，其貸款利差顯著下降，顯示氣候風險揭露可能有助於改善融資條件。其可能原因為氣候風險揭露有助於緩解資訊不對稱與融資風險，進而提升銀行對企業氣候變遷管理能力的信心。此一結果在低污染產業、管理者能力較低及機構投資人持股比例較高的企業中皆表現出相同效果。本研究進一步發現，企業氣候風險揭露在已實施美國氣候行動方案(SCAP)的州，貸款利差下降效果更為明顯。本論文結果發現企業積極揭露氣候風險對降低融資成本具有重要意涵。

This study uses a sample of U.S. firms to examine the effects of climate risk disclosure on corporate bank loan pricing, focusing on the relationship between climate change variables and loan spreads. It analyzes whether corporate disclosure of climate risks during earnings calls effectively influences financing costs. Empirical analysis indicates that when companies actively disclose climate change-related topics during earnings calls, their loan spreads decrease significantly, indicating that climate risk disclosure has a positively affect financing conditions. A possible explanation is that climate risk disclosure helps reduce information asymmetry and financing risk, enhancing banks’ confidence in firms’ climate change management capabilities. This effect appears to be more pronounced among companies in low-pollution industries, firms with lower managerial ability, and those with higher institutional ownership. This study further finds that the reduction in loan spreads associated with corporate climate risk disclosure is more pronounced in U.S. states that have implemented the State-level Climate Adaptation Plan (SCAP). These findings suggest that firms’ proactive climate risk disclosure play a significant role in reducing financing costs.

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