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題名 | 臺灣基層農會之企業與財務風險分析=An Analysis on Business and Financial Risk for the Taiwan Farmers' Associations |
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作者姓名(中文) | 潘添進; 陳立和; 曾心蓮; 游晨玫; | 書刊名 | 國立屏東科技大學學報 |
卷期 | 8:2 1999.06[民88.06] |
頁次 | 頁141-155 |
分類號 | 431.55 |
關鍵詞 | 農會; 風險管理; 風險平衡假說; Farmers' associations; Risk management; Risk balancing hypothesis; |
語文 | 中文(Chinese) |
中文摘要 | 本研究之目的,係就一般風險概念,評估並衡量個別基層農會之企業風險與財務風 險。首先根據「台灣區各級農會年報」資料,利用敘述統計方法,衡量個別農會之經營總風 險、企業風險、及財務風險,並依各該風險值之大小,將個別農會區分為高風險與低風險兩 個群組。其次利用迴歸分析法認定各類風險之決定因素,並檢測個別農會之企業風險與財務 風險之間,是否存在風險平衡假說(Risk Balancig Hypothesis)之抵換關係(Trade-off Relationship)。個別農會之風險值超越全體農會平均風險值一個標準差者,歸類為高風險 群,而在一個標準差範圍內者為低風險群;在此分類基礎下,268單位農會中同時兼具高總風 險、高企業風險及高財務風險屬性者只有中壢市、東勢鎮、及神岡鄉農會。迴歸分析結果指 出,影響總風險之主要決定因素包括自有資本收益率等七項,企業風險則有存放款比率等四 項,財務風險包含槓桿比率等五項。實證結果亦顯示,全體農會之企業風險與財務風險之間, 呈現顯著的反向變動關係,符合風險平衡假說;然而,高財務風險與低財務風險屬性之農會似 有違背風險平衡假說的現象,兩類組之企業風險與財務風險之間並無顯著的抵換關係存在。 再者,風險決定因素對總風險、企業風險、及財務風險之影響效果,在風險屬性不同的農會 群組之間具有統計上相當顯著的差異。 |
英文摘要 | This study is to evaluate and measure the business and financial risk for the Taiwan Farmers' Associations ([As) by computing the coefficients of variation of the rate of return on investment and the rate of return on net worth, respectively. The fitted data were obtained from the Farmers' Associations Year Hook in Taiwan District. Using the coefficients of variation, each FA is classified into two groups of high risk or low risk. The step-wise regression method is used to seek the major determinants of total firm risk, business risk, and financial risk. The ordinary least squares method is applied to estimate the parameters in the regression models and to see if the trade-off relationship between business risk and financial risk exist among the FAs. Under the risk balancing hypothesis, there exist trade-off relationship between financial risk and business risk in the aggregate risk models. In the disaggregated models of financial risk, however, these trade-off relationships are not significant. The effects of the risk determinants on total risk, business risk, and financial risk between the disaggregated models are highly statistically significant. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。