本研究旨在探討企業發行永續連結貸款是否影響會計師對查核風險之判斷，進而改變其所收取之審計公費。永續連結貸款近年來迅速成為企業結合財務與永續策略的重要工具，惟其對審計定價之影響，至今尚缺乏系統性實證分析。本文以2016 至2023年美國上市公司為樣本，採用配對樣本設計，並結合差異中之差異（Difference-in-Differences）迴歸模型，檢驗永續貸款發行對審計公費之影響。
實證結果顯示，整體而言，發行永續連結貸款之公司支付之審計公費低於未發行者，惟該差異在發行前後期間並未達統計顯著水準。此外，額外分析進一步區分環境敏感產業與納入ESG 績效進行交互檢驗，結果顯示其對永續連結貸款與審計公費關係皆無顯著調節效果。綜合而言，本研究顯示永續連結貸款尚未成為會計師定價策略之主要依據，反映永續金融工具在查核實務中仍具觀望空間，亦突顯資訊揭露品質與永續評等可稽核性之強化必要。本研究的主要貢獻為補足永續金融與審計間之文獻空缺，並提出ESG 資訊與查核行為結合的新穎實證框架，對企業永續揭露策略、會計師查核判斷與監理政策發展具實務與理論參考價值。

This study examines whether sustainability-linked loans (SLLs) influence auditors’ risk assessments and audit fee decisions. Using U.S.-listed companies from 2016 to 2023, this study applies a matched sample design and a difference-in-differences (DID) regression model to test the impact of SLL issuance on audit fees. Results show that while firms with SLLs tend to have lower audit fees, the change is not statistically significant. Additional analyses, including industry environmental sensitivity and ESG performance, reveal no significant moderating effects. These findings suggest that SLLs have not yet become a key factor in auditors’ pricing strategies. This study contributes to the literature by linking sustainable finance with audit research and offers implications for ESG disclosure, audit judgment, and regulatory development.

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