[[alternative]]AN ANALYSIS OF THE EFFICIENCY ON THE CREDIT DEPARTMENT OF FARMER'S ASSOCIATION IN CHIAYI COUNTY

[[abstract]] 農會信用部是台灣最基層的農業金融機構，過去二十年來農會信用部資產品質嚴重惡化，造成部分農會信用部的經營面臨因境，本研究以嘉義縣各鄉鎮市農會信用部為例，應用資料包絡分析法(DEA)估計台灣基層金融機構之經營效率，並應用Tobit迴歸分析法探討基層金融機構經營效率之影響因素。 DEA結果顯示，以嘉義縣基層農會信用部為例，台灣基層農會信用部的經營效率仍有大幅改善的空間，其中朴子市2002、民雄鄉2002、義竹鄉2002與2003、阿里山鄉2003與2004、中埔鄉2004等信用部之整體經營效率最佳。根據Tobit迴歸結果，基層金融機構之負債占資產比率、資產報酬率、純益率與總幹事連任與否等4變數在1％顯著水準下，規模別則在5％顯著水準下，顯着的影響農會信用部之經營效率。 負債占資產比率、純益率、與規模別顯著正向的影響信用部之經營效率，顯示信用部有效的運用外來資金而非自有資金，其經營效率會越高，而獲利能力指標之一的純益率越高之信用部，其經營亦越有效率，規模越大之農會信用部，研究發現其經營亦越有效率，此結果顯示農會信用部應致力於擴充據點、擴大規模，以提高經營效率、增強競爭力。 資產報酬率與總幹事連任與否則顯著負向的影響信用部之經營效率，因為農會之資產通常包含了信用部與農會其他部門，因此資產報酬率無法正確反應信用部之獲利性。而新上任之農會總幹事其農會信用部之經營越沒效率，此結果顯示從經營管理角度而言，適當的延任農會總幹事任期，對農會信用部經營效率之提升確有助益。[[abstract]] The credit departments of farmer’s association are the major agricultural financial institutions in Taiwan. For the past two decades, due to the degenerating of the loan quality, some credit departments are suffering losses. This research utilizes the Data Envelopment Analysis((DEA) and Tobit regression to the credit departments of Chiayi county to analyze factors influencing the operating efficiency of the local credit departments. DEA results show that most credit departments in Chiayi are operated inefficiently. Only the Puzi City of 2002, Minxiong Shiang of 2002, Yizhu Shiang of 2002 and 2003, Alishan Shiang of 2003 and 2004, and Zhongpu Shiang of 2004 are the most efficient ones. Tobit regression shows that the operating efficiency is, under 1% significance level, influenced by the debt-to-asset ratio, return on asset, net income rate, and the term of the director of the farmer’s association, and by the scale of the credit department under 5% significance level. Debt-to–asset ratio, net income rate, and department scale positively influence the operating efficiency. Results above indicate that the more outside financing, the more profitability, and the larger the scale of the credit department the more efficient credit department will be. By increasing the number of branches to attain the economies of scale, the credit department will improve the operating efficiency. Return on asset negatively and significantly influences the operating efficiency because asset of farmer’s association normally include the other department’s assets. The return on asset can not correctly reflect the profitability of the credit department. The shorter the terms of the director of the association the less efficient credit department will be. Results above suggest that appropriately extends the length of director’s terms will help to improve the operating efficiency of the credit department