政治關聯（係）與債務資金成本

Political Connections and the Cost of Debt

本文使台灣上市公司的資料，分析政治關聯（係）對債務資金成本的影響效果。實證結果發現，首先，當企業的董事長或總經理有政黨傾向，且無論政黨傾向國民黨或民進黨，均使取得資金的成本降低，且獲得中華信評機構給予較佳的評等等級。其次，當董事長受委任擔任公職或政治任命於民間企業對降低企業利息成本與獲得中華信評機構給予企業較佳的評等等級也有顯著的影響。第三，在政治獻金部份，結果顯示進行政治獻金並未降低企業的利息成本，且對於中華信評給予企業的評等影響並不顯著。最後，在政治關聯（係）程度部份，發現當企業有兩項或兩項以上之政治關聯（係），確實可以更加顯著地降低企業的利息成本，但愈強的政治關聯（係）並未使企業獲得更佳的評等等級。

This study investigates the impact of political connections on the cost of debt. We develop a new and comprehensive database of firm-level to political connections in Taiwan from 1992 to 2008, and construct three variables that measure the extent of firm for political connections, including political party tendency of top managers (CEOs and board directors), political appointment and political donations. We find that political party tendency is associated with significantly higher ratings and reduces the cost of debt. Second, political appointment will lower firms’ interest expense and let firms obtain a higher rating. Third, there is no significant association between political donations and the cost of debt. Finally, firms with a strongly politically connection can enhance the effect of political connection on reducing interest expense.