臺灣農會信用部最適資本適足率之研究

A Study of Optimal Capital Adequacy Ratio for Credit Departments of Farmers’Associations in Taiwan

鄭義蓉(Yi-Rong Cheng)

指導教授 ： 吳榮杰

國立臺灣大學/生物資源暨農學院/農業經濟學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.10935

摘要

中文摘要
臺灣農會信用部是一個比較封閉型態的區域小型及超小型區域金融，產值雖然只占國民所得GDP的1.8％（依據2012年行政院農業委員會資料），但農業關係著在台灣地區生活的人，政府及學者專家所提倡三生農業─生存、生活、生態，倡導農業應與這塊土地結合，農會信用部的金融供應及運作就是重要的關鍵。全國農會277家設有信用部，這些農會信用部管理及發展非常重要。
巴塞爾Ⅱ所提資本適足率8％是世界性金融管理重要指標。我國行政院金融監督管理委員會金融局和行政院農業委會農業金融局，據此規範所有金融單位。依據陳玉涓（2005）等學者研究，資本適足率提高雖能避免金融機構發生倒閉之危機，但也會影響金融機構的產出結構及品質，進而改變金融機構效率表現。農會信用部資本適足率的標準依據有關研究指出，並非越高越好。若資本適足率的標準過高影響獲利，若過低則會影響財務健全，故應有其適當比率。
本研究以DEA效率方式，計算農會最適資本適足率，將全體農會信用部依淨值分為高、中、低三組並分組計算效率。用兩階段DEA方式，以淨值及用人費用作為第一階段投入，以存款、放款及資本適足率作為產出，第一階段產出作為第二階段投入，算出第二階段效率值；第二階段以信用部盈餘為產出，資本適足率為中間產出及中間投入，以兩階段投入、產出值、差額分析和效率值分析找出相對效率最佳的最適資本適足率。
經實證結果發現，在高淨值組標竿農會資本適足率為21.7%，平均總效率值0.53%，以平均效率值為基準，經差額調整後最適資本適足率為9.28%，標準差為2.11%，本組平均效率的資本適足率，符合法令規定及高於巴塞爾Ⅱ資本適足率8%，資本適足率在此效率農會無須調整。在中淨值組標竿農會資本適足率為15.47%，平均值效率值為0.38，以平均效率值為基準經差額調整後最適資本適足率為6.5％，標準差為1.36%。低於法令規定及巴塞爾Ⅱ的8％的要求，但是大多數農會表現超過8％，表示大多數農會需要犧牲獲利以便得到符合法令規定。以效率值而言，是會影響業務成長及盈餘。若低於平均值農會可能業務發展太快，風險性資產（貸款）增加太快，如果資產評估是屬於穩健是否將來政策放寬標準讓中淨值農會業務成長。低淨值農會最適資本適足率的標竿農會平均值11.48%，以平均效率值0.059為基準，以DEA差額分析最適資本適足率為3.9%，低於法令6％及8％規定，也低於法令要求6％的規定，但實際表現依照農業金融局2012年11月資料顯示低淨值組資本適足率平均值為13.05%，超過8%的規定，低淨值組信用部效率低，盈餘少，農會信用部為符合法令規定比率是要犧牲很多業務獲利機會來換取資本適足率，扭曲了規範資本適足率的原意，低淨值組各農會差異也很大。以DEA效率值分析低淨值組生產情況處於規模遞增（irs）階段，應加強業務發展，藉盈餘逐漸累積才能讓農會更健全。低淨值組農會部分曾經因經營不善淨值為負而被合併，被合併後又重新設立信用部之農會其資本適足率特別高，資本適足率的表現與經營狀況背離，因此不能因為資本適足率高而認為妥當反而應予以關懷協助。
研究結果與現況比較發現，各農會為了達到法令規定數字願意犧牲獲利，減少風險性資產以便達成資本適足率規定8%或更高的比率，以致農業金融局報表於全體統計表顯示277家農會信用部有260家符合標準，各組標竿農會超過標準的數字甚多；如果是犧牲獲利換來高的比率，就應逐漸改變觀念，適度的開發業務獲取利益，讓過高的資本適足率回歸正常，才能有好的盈餘累積較多的淨值，對未來成長才會有幫助。

關鍵字

關鍵詞：資本適足率 ； 農會信用部經營效率 ； 兩階段DEA

並列摘要

ABSTRACT
According to the Council of Agriculture data 2012, the Credit Department of Farmers’ Association in Taiwan is a relatively small regional, financial, and Gross National Product, which accounts for only 1.8 percent of GDP of Taiwan. Although the Credit Department of Farmers’ Association accounts for a small percentage, this association plays a key role in the development of agricultural relationship between the Taiwan Government, scholars, and experts advocating Sansei Agriculture-Survival, as well as the life, ecology, and advocacy of agriculture within the Credit Department management and development of the Credit Department of Farmers’ Association for all 277 Farmers’ Associations.

The Basel II capital adequacy ratio of 8% is also an important indicator of global financial management of the Finance Agency, Financial Supervisory Commission, Executive Yuan, and the Agricultural Finance Board, Council of Agriculture Committee in order to regulate all financial units. According to the scholars of Chen Juan (2005), the capital adequacy ratio will affect the structure of output and quality of financial institutions, thereby changing the efficiency of financial institutions performance. If the capital adequacy ratio is too high, it will affect the profit. If too low, it will affect the financial soundness. As such, the standard of capital adequacy ratio should be set at an appropriate rate. The DEA efficiency agricultural optimal capital adequacy ratio of the Credit Department of Farmers’ Association could be best illustrated by dividing rates into three groups for computational efficiency: High Net Worth group, Medium Net Worth group, and Low Net Worth group.

The empirical results show that the maximum capital adequacy ratio for high net worth group was 21.7%, an average of 9.28%, and a standard deviation of 2.11%. Based on the Basel II capital adequacy ratio of 8% capital adequacy ratio requirements, there is no need to adjust this efficiency ratio for Farmers' Association.

Results of capital adequacy ratio for medium net worth group has a maximum value of 15.47 %, average of 6.5%, and a standard deviation of 1.36%. This group is lower than standard 8% and Basel II, for improvement were 1.5%. As such, if the ratio is too high, it is recommended that there is an increase in investments. If the ratio is too low, this may lead to underlying issues such as failed management performance and rapid business development which leads to increase in risk-weighted assets (loans).

Results of capital adequacy ratio for low net worth group has a maximum value of 11.48%, and an average efficiency value 0.059. The appropriate capital adequacy ratio was 3.89%, Low standard and low net group Farmers' vary greatly. DEA efficiency value is relatively efficient because the research value is limited to the Zaiyu subdivision. This group mostly consists of rural farmers' associations, with local characteristics such as locally produced fruits and other agricultural products in a small area of arable land and population. The agricultural service may be the only financial supply and access locations, it seems that the social significance than economic significance. As such, it is recommended that this group in the case of efficiency in the IRS stage should develop unique business to boost the credit business by the gradual accumulation of surplus.

Research results and current status of the Farmers 'Association show that to reach the provisions of 8% or higher rate, there will need to be sacrifice of profits as well as the reduction of risk of assets. Out of the 277 Farmers' Association provinces, only 260 provinces met the standard benchmark. Sacrifice profit in exchange for a high rate, it should gradually change the concept of moderate development business to obtain benefits, should be adjusted in order to have a good surplus accumulated net more, that growth is the future.
Keywords: Capital Adequacy Ratio, Credit Department of Farmers’ Association, operating efficiency, Two stage DEA.

並列關鍵字

Capital Adequacy Ratio ； Credit Department of Farmers’ Association operating efficiency ； Two stage DEA.

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