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

表 11 於總統當選人任職前後期間企業提供總統大選政治獻金與公股銀行貸款利率
之關係
Panel A 於總統當選人任職前後期間提供總統大選政治獻金對公股銀行貸款利率之影響
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 2.1867*** 0.0000 2.7642*** 0.0000 1.8483*** 0.0000
DO -0.1761** 0.0223 -0.3100** 0.0343 -0.1634* 0.0530
POST 0.1181*** 0.0000 -0.0248 0.6223 0.1572*** 0.0000
DO×POST 0.1116 0.2318 0.2504 0.1615 0.0891 0.3924
IMR_DO/ IMR_SL Included Included Included
Controls Included Included Included
Session & Industry Included Included Included
indicators
Sample size 11,482 2,482 9,000
F-stat. 84.6973*** 12.5593*** 76.5250***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1297 0.0836 0.1452
Panel B 於總統當選人任職前後期間提供總統大選政治獻金予總統當選人對公股銀行貸款利率之影響
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 2.1792*** 0.0000 2.7669*** 0.0000 1.8412*** 0.0000
DOWIN -0.1360* 0.0884 -0.3075** 0.0357 -0.1186 0.1796
POST 0.1204*** 0.0000 -0.0262 0.6024 0.1603*** 0.0000
DO×POST -0.0036 0.9703 0.3108* 0.0901 -0.0714 0.5149
IMR_DO/ IMR_SL Included Included Included
Controls Included Included Included
Session & Industry Included Included Included
indicators
Sample size 11,482 2,482 9,000
F-stat. 85.3469*** 12.5309*** 77.3049***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1297 0.0835 0.1453

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