Abstract This paper studies the influence of donations on financing ability of listed private companies between 2009 and 2017, based on the background of anti-corruption since the 18th National Congress of the Communist Party of China (18th National Congress). The study found that donations of private enterprises influenced the bank’s credit decision-making and helped them to obtain more bank loans before the 18th National Congress. But the strengthened anti-corruption efforts had changed the intervention of external factors such as donation to the allocation of credit funds, and correspondingly weakened the incentive of private enterprises to seek rent through charitable donation since the 18th National Congress. The author conducted a group test based on different marketization level of the company’s registered place to study the regional differences in credit funds allocation. The study showed that ability which charitable donations intervened in credit allocation was more obvious in the weak marketization areas before the 18th National Congress. However, the influence of charitable donation on credit allocation has been weakened with strengthened anti-corruption efforts since the 18th National Congress and the high marketization regions had been impacted more seriously. Study showed that the perfect market which can provide more diversified financing channels for private enterprises had reduced the incentive on bank rent-seeking in the high marketization areas; The strengthened anti-corruption efforts had restrained the incentive for seeking rent and promoted fair competition in the area of credit fund distribution for private listed companies since the 18th National Congress.
2020, Vol. 37 
