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

表 8 企業總統大選政治獻金多寡對公股銀行貸款利率之影響
Panel A 總統大選政治獻金捐贈多寡對公股銀行（純公股或泛公股）貸款利率之影響
Y=RATE_SPREAD
Column (1) Column (2) Column (3)
Y=SPREAD Y=GB1_ SPREAD Y =GB0_ SPREAD
Coefficient p-value Coefficient p-value Coefficient p-value
INTERCEPT 3.0245*** 0.0000 3.5459*** 0.0000 2.6571*** 0.0000
DOAMT -0.0071* 0.0890 -0.0056 0.4814 -0.0087* 0.0726
IMR_DO Included Included Included
IMR_SL Included Included Included
Controls Included Included Included
Session & Industry Included Included Included
indicators
Sample size 6,814 1,404 5,410
F-stat. 66.5304*** 10.5421*** 58.3726***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1501 0.1148 0.1612

Panel B 總統大選政治獻金捐贈多寡對公股銀行長短期貸款利率之影響
Y=RATE_SPREAD
Column (1) Column (2) Column (3)
Y=SHORT_SPREAD Y=MEDIUM_ SPREAD Y =LONG_ SPREAD
Coefficient p-value Coefficient p-value Coefficient p-value
INTERCEPT 1.5844*** 0.0000 2.0292** 0.0133 1.6480* 0.0671
DOAMT -0.0011 0.8228 -0.0208*** 0.0075 -0.0166* 0.0531
IMR_DO Included Included Included
IMR_SL Included Included Included
Controls Included Included Included
Session & Industry Included Included Included
indicators
Sample size 4,727 1,317 770
F-stat. 52.5520*** 15.4912*** 12.7692***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1665 0.1507 0.1449

Panel C 總統大選政治獻金捐贈於當選人多寡對公股銀行 ( 純公股或泛公股 ) 貸款利率之影響
Y=RATE_SPREAD
Column (1) Column (2) Column (3)
Y=SPREAD Y=GB1_ SPREAD Y =GB0_ SPREAD
Coefficient p-value Coefficient p-value Coefficient p-value
INTERCEPT 3.0130*** 0.0000 3.5521*** 0.0000 2.6439*** 0.0000
DOAMT -0.0099** 0.0238 0.0004 0.9588 -0.0138*** 0.0071
IMR_DO Included Included Included
IMR_SL Included Included Included
Controls Included Included Included
Session & Industry Included Included Included
indicators
Sample size 6,814 1,404 5,410
F-stat. 67.31582*** 10.4819*** 59.1883***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1502 0.1146 0.1615

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