本研究欲探討工業機器人（IR）部署與全球製造業企業的銀行貸款成本之關係，實證結果顯示，企業採用工業機器人會顯著提高其貸款利差。在採用多項統計方法以處理內生性問題後，研究結果仍具有穩健性且未出現顯著變化，此效果在經濟合作暨發展組織（OECD）國家、金磚五國（BRICS），以及金融危機期間尤為明顯。此外，IR 的使用亦可能透過氣候風險與能源風險等通道，加劇企業的融資成本。當國家研發支出高或國內生產總值（GDP）快速成長時，IR 仍能透過氣候風險的通道增加企業的借貸成本。本研究的結果凸顯環境風險溢酬的重要性，亦指出企業若採行更具永續性的經營策略，有助於降低貸款利差並提升信用評等。;This study investigates the relationship between the deployment of IR (industrial robots) and firms’ costs of bank loans in the global manufacturing industry. Our findings suggest that adopting IR directly increases firms’ loan spreads. After alleviating the endogenous issues by conducting several statistical approaches， the results remain robust and unchanged. These increased effects are striking and identified in OECD economies， in BRICS countries， or during the financial crisis periods. Moreover， IR utilization contributes to heightened firms’ financing costs through climate risk and energy risk channels. The aggravating effect of IR on firms′ borrowing costs through climate risk persists under high R&D intensity or rapid GDP growth conditions. These findings highlight the importance of environmental risk premiums， suggesting that firms can lower loan spreads and improve their creditworthiness by adopting more sustainable practices.
