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NTU Management Review
Vol. 33 No. 2 Aug. 2023, 169-234
DOI:10.6226/NTUMR.202308_33(2).0005

The Relationship between Corporate Political Donations and
Government-Controlled Banks’ Loan Rates: Evidence from
Presidential Elections of Taiwan

公司政治獻金與公股銀行貸款合約利率：來自臺灣總統大
選之證據

Yu-Hsuan Chung, Department of Accounting and Information Technology, National Chung
Cheng University
鍾宇軒 / 國立中正大學會計與資訊科技學系
Ying-Ling Zeng, BankTaiwan Life Insurance
曾映綾 / 臺銀人壽
Received 2018/9, Final revision received 2023/5

Abstract
Firms make political donations to establish political connections. This study investigates
the effect of firms’ presidential campaign donations on government-controlled bank loan
rates in Taiwan by examining listed firms’ loan contracts in post-presidential election
periods. The results reveal that firms that make political donations benefit from banks
offering lower loan interest rates. Furthermore, this study finds that firms that donate to
the presidential election winner obtain preferential treatment with lower loan rates. The
findings show that firms’ ability to establish political connections through campaign
donations helps shape an advantage contract for government-controlled bank loans.
【Keywords】political donations, government-controlled banks’ loans, loan rates

摘 要
企業可以透過政治獻金建立政治連結。本研究藉由臺灣上市櫃公司在總統大選後的貸
款合約，探討企業於總統大選提供政治獻金與公股銀行貸款合約利率的關聯性。本研
究結果顯示從事政治獻金捐贈的公司可以獲得較低的貸款合約利率。再者，本研究發
現企業向總統大選當選人提供政治獻金捐贈，亦能夠得到優惠的貸款合約利率。整體
而言，本研究彰顯了企業透過政治獻金而形成的政治連結有益於企業獲得較佳之公股
銀行貸款合約。
【關鍵字】 政治獻金、公股銀行貸款、貸款利率

領域主編：戚務君教授

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