隨著氣候變遷問題日益嚴重，企業與金融機構在應對碳風險方面的行動成為關注焦點。本研究聚焦於內部碳定價（Internal Carbon Pricing, ICP）對企業貸款利差的影響，探討銀行是否在貸款條件中納入企業的碳風險管理表現。研究以 2015 至 2022 年間美國企業為樣本，確認企業是否採用 ICP 並分析其對貸款成本的影響。
在文獻回顧中，本研究彙整了有關碳定價、貸款利差的相關研究，並提出假說：企業採用 ICP 能降低貸款利差。在研究設計部分，採用多元迴歸模型進行實證分析，並控制產業、年度及契約固定效果，確保結果的穩健性。本研究不僅填補了內部碳定價與貸款市場影響的文獻空白，亦為企業與銀行在制定碳管理與貸款策略方面提供參考，助於推動低碳經濟的轉型。氣候變遷風險日益受到重視，企業對碳排放的管理行為逐漸成為金融機構授信決策的重要依據。本文後續進一步區分具現金流性質的ICP工具（如內部碳費、碳抵換）與無現金流性質的工具（如影子價格），並檢視其對貸款條件的影響差異。
實證結果顯示，採用內部碳定價（ICP）的企業，其貸款利差顯著較低，尤以具現金流特性的 ICP 工具（如內部碳費、排放抵換）效果更為明顯。雖然與碳目標的交互效果未達顯著，但整體結果支持銀行已部分內化企業的碳風險治理行為。由於企業採用內部碳定價的決策可能並非隨機，而是與其治理結構、財務能力或產業特性等因素有關，若直接比較貸款利差，可能導致內生性或樣本選擇偏誤（sample selection bias），使估計結果產生偏誤，因此進一步運用傾向分數配對（PSM）與 Heckman 兩階段模型，以檢驗是否存在樣本選擇偏誤，結果皆顯示樣本選擇偏誤並不顯著。

As climate change increasingly poses systemic financial risks, firms’ and financial institutions’ carbon risk management practices have become a central focus. This study examines the impact of Internal Carbon Pricing (ICP) on corporate loan spreads, analyzing whether banks incorporate firms’ carbon risk performance into lending conditions. Using U.S. syndicated loan data from 2015 to 2022, the results show that ICP adoption is associated with significantly lower loan spreads, especially for cash-based mechanisms such as internal carbon fees and offsets. This suggests that banks may reward firms by demonstrating initiative in carbon management. To address possible endogeneity and selection bias, robustness checks including propensity score matching and a Heckman two-stage model were applied, confirming consistent results. Although the moderating effect of climate target setting was not significant, the findings overall indicate that banks have partially priced in firms’ carbon risk governance. This study contributes to the literature on carbon pricing and sustainable finance by providing empirical evidence on how voluntary carbon management tools can influence financing conditions, offering insights for firms and banks navigating the transition to a low-carbon economy.

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