由於開發中國家經濟、法律與政治制度都尚未完善，政商關係對於銀行之放款行為，影響甚深。本研究目的在於探討政商關係與信用貸款條件之關聯，透過實證分析，瞭解具有政商關係之借款公司是否能夠取得優惠信貸條件以降低信貸成本。本研究以2009年至2012年間台灣上市與上櫃公司之借款明細資料為樣本，發現政商關係有助於借款公司取得較高之融資額度與較低之借款利率，意即能取得較優惠信貸條件，並發現上述情形在聯合貸款案當中更加明顯。

Since the economic environment, legal and political systems of the developing countries are not complete. The government-business relations impact the lending behavior of banks deeply. The purpose of this study is to
investigate the relationship between political connections and the contract terms of credit. Through empirical analysis, we understand that the companies with political connections are able to obtain preferential conditions in order to reduce the cost of credit. The sample data is the loan details of listed companies and OTC in Taiwan from 2009 to 2012. This study found that political connections will help the company to obtain more financing facility and lower interest rate. It represents that political connections will certainly help the company obtain better loan conditions. And we also found that the situation mentioned above will be more severe in the case of syndicated loans.

林泉源，2009。銀行業股權結構對經營績效、財務績效與股價之影響，輔仁管理評論，第十六卷第二期， 43-76。

張乃中，2012。家族集團政商關係，多角化策略與績效關聯性之研究：台灣金融控股集團之觀察，中山大學企業管理學系碩士論文。

黃宗昊，2004。台灣政商關係的演變：歷史制度論分析，問題與研究，第四十三卷第四期， 35-72。
葉美華，2005。銀行聯合貸款業務之經營模式與策略研究—以台灣聯貸市場為例，政治大學財務管理學系碩士論文。

趙莊敏、戴德昇，2006。台灣銀行股權結構、董事會特性與其經營成本效率之相關性研究，台灣金融財務季刊，第七卷第三期， 95-125。

鍾喜梅、葉家豪，2010。家族聯結、政商關係與多角化擴張：台灣家族集團的跨時分析，組織管理，第三卷第一期， 67-106。

Atlas, C.; T. Gilligan; R. Hendershott; and M. Zupan 1995.Slicing the Federal Government Net Spending Pie:Who Wins, Who Loses, and Why. American Economic Review 85, 624-29.

Campello, M.,; C. Lin; Y. Ma; and H. Zou. 2011. The Real and Financial Implications of Corporate Hedging. Journal of Finance 66, 1615-47.

Chaney, P.K., Faccio, M., & Parsley, D. 2011. The quality of accounting information in politically connected firms. Journal of Accounting and Economics, 51(1-2), 58-76.

Drope, J., and W. Hansen. 2004. Purchasing Protection? The Effect of Political Spending on U.S. Trade Policy. Political Research Quarterly 57, 27-37.

Dinc, S. I. 2005. Politicians and Banks: Political Influences on Government-Owned Banks in Emerging Countries. Journal of Financial Economics 77, 453-79.

Engelberg, J.; P. Gao; and C. A. Parsons. 2012. Friends with Money. Journal of Financial Economics 103, pp.169-88.
Faccio, M. 2006. Politically connected firms. The American economic review, 96(1), 369-386.

Faccio, M. 2010. Differences between Politically Connected and Nonconnected Firms: A Cross-Country Analysis. Financial Management, 39(3), 905-928.

Fan, J. P. H., Wong, T. J., & Zhang, T. 2007. Politically connected CEOs' corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of financial economics, 84(2), 330-357.

Fisman, R, 2001. Estimating the value of political connections. The American economic review, 91(4), 1095-1102.

Goldman, E., Rocholl, J., & So, J. 2009. Do politically connected boards affect firm value? Review of Financial Studies, 22(6), 2331-2360.

Gomez, E. T. and Jomo, K. S. 1997. Malaysia's Political Economy: Politics, Patronage and Profits, Cambridge, UK, Cambridge University Press.

Hoover, G., and P. Percorino. 2005. The Political Determinants of Federal Expenditure at the State Level. Public Choice 123, 95-113.

Houston, J.; C. Lin; and Y. MA. 2011. Media Ownership, Concentration and Corruption in Bank Lending. Journal of Financial Economics 100, 326-50.

Houston J., Liangliang Jiang, Chen Lin, and Yue Ma. 2014. Political Connections and the Cost of Bank Loan. Journal of Accounting Research, 52(1) 193-243.

Johnson, S., & Mitton, T. 2003. Cronyism and capital controls: evidence from Malaysia. Journal of financial economics, 67(2), 351-382.

Kang, J.-K., and L. Zhang. 2011. From Backroom to Boardroom: Role of Government Directors in Corporate Governance and Firm Performance. Working paper, Nanyang Technological University.

La Porta, R.; F. Lopez-de-silanes; and A. Shleifer. 2002. Government Ownership of Banks. Journal of Finance 57, 265-301.

Leuz, C. and Oberholzer-Gee, F. 2006. Political relationships, global financing, and corporate transparency: Evidence from Indonesia. Journal of financial economics, 81, 411-439.

Narayanan M.P. 1988. Debt versus equity under asymmetric information. Journal of Financial and Quantitative Analysis 23 39-51.

Stiglitz Joseph E and Arnott Richard J 1988. The Basic Analytics of Moral Hazard. Scandinavian Journal of Economics 90.