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

表 9 企業總統大選政治獻金捐贈對公股銀行擔保貸款之影響
Panel A 企業總統大選政治獻金捐贈與否對公股銀行（純公股或泛公股）擔保貸款之影響
Y=D_COLLATERAL
Column (1) Column (2) Column (3)
Y=COLLATERAL Y=GB1_COLLATERAL Y =GB0_COLLATERAL
Coeﬃcient p-value Coeﬃcient p-value Coeﬃcient p-value
INTERCEPT 1.5378** 0.0360 -0.2254 0.8979 2.1894*** 0.0077
DO -0.7088*** 0.0005 -0.9463** 0.0386 -0.6055*** 0.0077
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
2
χ -statastic 874.4532*** 222.1272*** 692.9054***
p-value 0.0000 0.0000 0.0000
Pseudo R 2 0.1272 0.1712 0.1235
Panel B 企業總統大選政治獻金捐贈與否對公股銀行長短期擔保貸款之影響
Y=D_COLLATERAL
Column (1) Column (2) Column (3)
中期貸款
短期貸款（1 年以）長期貸款（3 年以上）
（1 年以上，3 年以下）
Y=SHORT_ Y=MEDIUM_ Y =LONG_
COLLATERAL COLLATERAL COLLATERAL
Coeﬃcient p-value Coeﬃcient p-value Coeﬃcient p-value
INTERCEPT 4.4247*** 0.0000 0.2852 0.8849 -7.6896** 0.0115
DO -1.0234*** 0.0001 0.0887 0.8297 -0.3822 0.5993
IMR_DO Included Included Included
IMR_SL Included Included Included
Controls Included Included Included
Session & Industry
indicators Included Included Included
Sample size 4,727 1,317 770
2
χ -statastic 567.6176*** 150.7491*** 132.1830***
p-value 0.0000 0.0000 0.0000
Pseudo R 2 0.1199 0.1298 0.1997
Panel C 企業總統大選政治獻金捐贈於當選人與否對公股銀行（純公股或泛公股）擔保貸款之影響
Y=D_COLLATERAL
Column (1) Column (2) Column (3)
Y=COLLATERAL Y=GB1_COLLATERAL Y =GB0_COLLATERAL
Coeﬃcient p-value Coeﬃcient p-value Coeﬃcient p-value
INTERCEPT 1.4948** 0.0418 -0.3105 0.8598 2.1618*** 0.0086
DOWIN -0.4552* 0.0747 -0.6132 0.2138 -0.3704 0.2121
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
χ -statastic 872.6272*** 220.2453*** 691.7673***
2
p-value 0.0000 0.0000 0.0000
Pseudo R 2 0.1260 0.1692 0.1226

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