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

表 2 敘述性統計量
Panel A 影響企業捐贈總統大選政治獻金或長短期貸款之因素
（整體銀行樣本 = 公股銀行 + 民營銀行）
樣本數 平均數 標準差 25% 中位數 75%
DO 25,200 0.0315 0.1748 0.0000 0.0000 0.0000
公司特性變數
SIZE 25,200 15.6862 1.4600 14.6269 15.5070 16.6154
LEV(%) 25,200 45.7261 15.0355 35.3500 45.0500 54.8500
MB(%) 25,200 1.3142 0.8546 0.7430 1.0696 1.5712
ROA(%) 25,200 3.0126 7.6349 0.5500 3.5500 7.1600
GROW(%) 25,200 4.2984 31.4932 -11.3100 1.3700 14.2100
RD(%) 25,200 2.2219 3.4984 0.0000 0.8850 2.9200
RETVOL 25,200 2.5532 0.9021 1.9277 2.4662 3.0111
EM 25,200 6.3181 1.5751 5.3083 6.3154 7.3172
影響企業總統大選變數
DUALITY 25,200 0.3026 0.4594 0.0000 0.0000 1.0000
BOARD_SIZE 25,200 2.2281 0.2168 2.0794 2.1972 2.3026
BOARD_OWN(%) 25,200 22.0045 13.9703 11.7400 18.4100 28.8000
CEO_OWN(%) 25,200 1.1257 1.8711 0.0500 0.3600 1.3400
INSTI_OWN(%) 25,200 38.2837 22.2965 19.9700 35.1500 53.8050
INDIRECTOR(%) 25,200 14.9914 13.2772 0.0000 20.0000 25.0000
PLEDGE(%) 25,200 11.5550 19.1478 0.0000 0.0000 17.9000
影響企業選擇長短期貸款變數
CGI 25,200 3.0278 1.6200 2.0000 3.0000 4.0000
COLL(%) 25,200 40.2007 22.4205 21.9262 38.6408 57.2486
DIV 25,200 0.3864 0.4169 0.0000 0.3279 0.6733
Panel B 影響企業捐贈總統大選政治獻金或長短期貸款之因素
（公股銀行樣本 = 純公股銀行 + 泛公股銀行）
樣本數 平均數 標準差 25% 中位數 75%
DO 14,559 0.0306 0.1721 0.0000 0.0000 0.0000
公司特性變數
SIZE 14,559 15.5945 1.4718 14.5365 15.3721 16.4827
LEV(%) 14,559 45.8346 15.2489 35.2600 44.9900 55.1200
MB(%) 14,559 1.3163 0.8546 0.7468 1.0748 1.5719
ROA(%) 14,559 2.7587 7.8619 0.1200 3.3600 7.0100
GROW(%) 14,559 3.9785 30.8555 -11.5500 1.3400 14.1800
RD(%) 14,559 2.2363 3.5778 0.0000 0.8100 2.8900
RETVOL 14,559 2.5807 0.9203 1.9411 2.4812 3.0623
EM 14,559 6.2143 1.5624 5.1648 6.2025 7.1854
影響企業總統大選變數
DUALITY 14,559 0.3079 0.4616 0.0000 0.0000 1.0000
BOARD_SIZE 14,559 2.2276 0.2191 2.0794 2.1972 2.3026
BOARD_OWN(%) 14,559 22.2819 13.9155 12.2200 18.7500 28.9200
CEO_OWN(%) 14,559 1.1121 1.8766 0.0500 0.3600 1.3200
INSTI_OWN(%) 14,559 37.6048 22.4336 19.3500 34.4900 53.1100
INDIRECTOR(%) 14,559 14.6991 13.2464 0.0000 20.0000 25.0000
PLEDGE(%) 14,559 11.4811 19.2465 0.0000 0.0000 17.7900
影響企業選擇長短期貸款變數
CGI 14,559 3.1239 1.6378 2.0000 3.0000 4.0000
COLL(%) 14,559 41.6758 22.3680 24.0044 40.3097 58.4838
DIV 14,559 0.3730 0.4112 0.0000 0.3067 0.6667
Panel C 影響總統當選人就任後公股銀行貸款利率之相關變數
樣本數 平均數 標準差 25% 中位數 75%
SPREAD 6,814 0.6081 0.8536 0.1375 0.5538 1.1100
企業總統大選提供政治獻金與否變數
DO 6,814 0.0239 0.1528 0.0000 0.0000 0.0000
DO_WIN 6,814 0.0154 0.1232 0.0000 0.0000 0.0000
影響銀行貸款利率變數
CGI 6,814 3.0898 1.6634 2.0000 3.0000 4.0000
COLL(%) 6,814 39.3046 21.8764 21.1080 38.1412 55.7894
ZSCO 6,814 1.0829 0.8845 0.5939 0.9985 1.4813
ICR 6,814 30.6506 120.2950 1.2600 7.0450 19.8500
SIZE 6,814 15.4144 1.3927 14.3844 15.2738 16.2560
LEV(%) 6,814 44.3319 14.5630 34.6100 43.6600 53.1800
MB(%) 6,814 2.8991 7.5844 0.7400 3.3850 6.7800
ROA(%) 6,814 4.2977 30.2315 -11.2300 1.9900 14.1800
GROW(%) 6,814 1.1754 0.4841 0.8701 1.0327 1.3197
TOBIN 6,814 2.2435 3.6733 0.0000 0.7300 2.9200
DIV 6,814 0.3917 0.4165 0.0000 0.3163 0.6849
AMT 6,814 10.7137 1.6604 9.9035 10.8198 11.7361
DAYS 6,814 5.3114 1.1395 4.5109 5.2040 5.9026
COLLATERAL 6,814 0.4332 0.4956 0.0000 0.0000 1.0000
註：變數定義請參照附錄一。
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