臺灣地區農會信用部風險態度、生產力及成本結構之研究

Assessing the Risk Attitude, Productivity and Cost Structure of the Credit Department of Farmer’s Associations in Taiwan

本文在探討經營者面臨不確性（Uncertainty）下，引入安全第一規則（Safety First Rule）前提下，以1995～2006 年253 家基層農會信用部為研究對象，分析金融風暴與改革，對於農會信用部的風險態度、總要素生產力及成本結構之影響。實證結果顯示：1995～2006 年時，農會信用部經營者屬於風險趨避者，且在發生金融風暴後，風險態度更趨於保守，金融改革Ⅱ則略微緩和；此外，總要素生產力雖表現不佳，但存在明顯的改善趨勢；在成本結構方面，該期間的規模報酬與範疇經濟值，大致均呈現逐年遞增的情況，其中2002 年後才開始具有範疇經濟的現象；最後，整體的平均成本效率值為0.8781。另一方面，金融風暴與改革對於農會信用部的風險態度、生產力及成本結構，均有明顯的影響情形。

In this paper, we measure the risk attitude, productivity and coststructure of the credit department of Farmer’s Associations(FAs) by abehavioral model that is based on the safety-first rule and uncertainty.This measure uses the panel data of the credit department of Taiwan’sFAs in 1995 to 2006. The purpose is to examine the impact of the financecrisis and reform on the risk attitude, productivity and cost structure of thecredit department of FAs.The results show that the credit department of FAs is highly riskaverse,scale and scope economies. The growth of total factorproductivity was almost nil, but it improved over time. The average costefficiency was 0.8781. The finance crisis and reform have significantaffect on the risk attitude, productivity and cost structure of the creditdepartment of Taiwan’s FAs.