以樣條函數重新檢視農會信用部經營與合併效益

Using Spline Function to Reexamine the Operation Performance and Merger Effects of Farmers' Credit Unions

過去探討金融機構成本效益多數皆採用超越對數成本函數為模型，主要著眼於便利性，但該模型受限於函數本身型態，不同規模的金融機構必須在一U型平均成本線的兩邊，用於推估規摸經濟與成本效益時常會得到相似的必然結果，勢必將影響研究的準確性。本研究為國內首次採用較為靈活之樣條函數來建構成本函數體系，重新檢視台灣地區農會信用部之經營效益與模擬合併分析。本研究發現，農會信用部之平均成本曲線較近似於M型，且大型農會信用部於規模經濟效果與範疇經濟效果上較小型農會信用部顯著，普遍農會信用部有勞動要素投入規模不經濟的現象，顯示內部人力資源整頓的必要性，以縣市為合併區域並考量所有合併可能性下發現，近乎所有縣市皆能達到成本節省效果，幅度介於-0.865%與33.4%之間，顯示農會信用部合併深受所處區域影響，若進一步以合併後產出規模劃分，合併成本節省情況以小於五十億元與大於一百五十億元兩區段之效益較為顯著，最適合併後產出規模為超過兩百億元水準，預估可達到26%的成本節省。 Many pervious researches on cost effects of financial institution adopted the Translog cost function form. Mainly focus on it's convenient. But the Translog cost form is a restrictive specification by itself. Different institution size should distribute over two side of a standard U-shaped quadratic average cost (AC) curve. To use Translog form to estimate scale economies and cost effects most get not only similar but inevitable results. It is sure to affect the accuracy of studies.This paper is the first one to use the more flexible Spline function to establish cost system in Taiwan. We will reexamine the operation performance and merger effects of Farmers' Credit Unions in Taiwan. Our results showed that the AC curve of Farmers' Credit Unions in Taiwan is similar to an M-shaped, large-sized Farmers' Credit Unions are more outstanding in scale economies and economies of scope effects than small-sized ones. In general, whole Farmers' Credit Unions lie in labor input-specific scale diseconomies situation, which showed the necessity of rectifying human source for internal departments. By almost merger samples that discussing all merger combination possibly in counties are reached cost saving effects. The range is within -0.865% to 33.4%. It is apparent to understand the merger effects of Farmers' Credit Unions are influenced deeply by different counties .If we divide the samples into five size by post-merger output level, the results indicated that merger effects are outstanding with small than 50 hundred million NT dollars level and large than 150 hundred million NT dollars level. The suitable post-merger output level exceeded in 200 hundred million NT dollars, estimating to reach 26% cost saving.

Many pervious researches on cost effects of financial institution adopted the Translog cost function form. Mainly focus on it's convenient. But the Translog cost form is a restrictive specification by itself. Different institution size should distribute over two side of a standard U-shaped quadratic average cost (AC) curve. To use Translog form to estimate scale economies and cost effects most get not only similar but inevitable results. It is sure to affect the accuracy of studies.This paper is the first one to use the more flexible Spline function to establish cost system in Taiwan. We will reexamine the operation performance and merger effects of Farmers' Credit Unions in Taiwan. Our results showed that the AC curve of Farmers' Credit Unions in Taiwan is similar to an M-shaped, large-sized Farmers' Credit Unions are more outstanding in scale economies and economies of scope effects than small-sized ones. In general, whole Farmers' Credit Unions lie in labor input-specific scale diseconomies situation, which showed the necessity of rectifying human source for internal departments. By almost merger samples that discussing all merger combination possibly in counties are reached cost saving effects. The range is within -0.865% to 33.4%. It is apparent to understand the merger effects of Farmers' Credit Unions are influenced deeply by different counties .If we divide the samples into five size by post-merger output level, the results indicated that merger effects are outstanding with small than 50 hundred million NT dollars level and large than 150 hundred million NT dollars level. The suitable post-merger output level exceeded in 200 hundred million NT dollars, estimating to reach 26% cost saving.