本研究以2000 年至2007 年之台灣地區250 家農會信用部為研究對象，實證檢驗在現行農業信用保證機制下高經營風險農會信用部是否存在風險移轉的行為，並探討影響農會信用部之農業信用保證逾期放款比率的重要財務影響因素。實證結果發現，在財務變數方面，若前一年具高呆帳風險的農會信用部可能較有誘因將更高風險性的放款案件移轉給農信保基金保證，藉以達成將倒帳風險轉嫁予農業信用保證基金來承擔的目的。再者，在機構特性、治理結構及地方農業環境變數方面，亦同樣影響農業信用保證的呆帳風險。當比較不同類型及不同農信保送件件數的農會信用部後，實證結果存在顯著的差異性。此外，實證結果也顯示農信保逾放比率在2005 年後，確實呈現顯著的負向關係，凸顯2005 年後當農信保基金大幅代償逾期保證放款暨積極地拓展信用保證業務下，實質有效地降低農業信用保證的逾放比率。最後，本研究也認定農會信用部的農業信用保證風險移轉行為在區域性的差異上，不存在顯著的異值性，意謂農會信用部的風險移轉行為普遍發生在台灣各地區上。 This paper investigates empirically whether Taiwan's Credit Department of Farmers' Association (CDFA) presents the risk-shifting behavior under Agricultural Credit Guarantee Scheme (ACGS) using 250 CDFAs over the period 2000 to 2007. We also identify key factors affecting the nonperforming loan ratio under ACGS in CDFAs. The empirical evidences indicate that CDFAs with lag 1 year nonperforming loan ration are more likely to shift the risk of guaranteed loan onto ACGS. The factors of institution and local agricultural environment have impact on nonperforming loan ratio under ACGS. There are significant differences in nonperforming loan ratio under ACGS among different type and case scale of CDFAs. Specifically, nonperforming loan ratio under ACGS in CDFAs shows a significantly and substantially decreasing after 2005 due to ACGS's refunding and extension. In addition, regional difference in nonperforming loan ratio under ACGS is insignificant. This implicates that risk-shifting behavior in CDFAs is universal.
