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

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

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。

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.