| Summary: | 碩士 === 國立中興大學 === 農業經濟學系 === 89 === Under the chartered operation conditions of the agricultural financial system, the credit department of farmers’ associations has the lower operational risk. They paid the potentially higher “Deposit Insurance Risk-Based Premium ”(in short term of “premium”). Compared with the financial institutions in Taiwan, they compete in the different market situation by regulations and operate in the local (or rural) areas. They are imposed into the “Deposit Insurance System” and paid the “premium” as same as the financial institutions. However, the pricing foundation on the “premium” is unclear and had been questioned by the credit department of farmers’ associations. This study applies the pricing “premium” model of Merton in 1977 to estimate the risk-based level of the “premium”, clustering them by the financial data into the different ranking of risk level. The estimated results could be concluded as followings:
1.The ranking of risk level for the credit department of farmers’ associations is most at the lower position, but the situation would be worse in 2000.
2.The estimated average “premium” in 1999 is 3.9165 ‰. However, it rises up to 4.3501‰ in 2000, indicated that their operational risks are increasing. For most parts of them at the lower risky conditions, the “premium” now is paid in the unreasonable level. Lower risky ones could subsidy the higher risky ones, which may induce the behavior for the risky ones to do risky operations furthermore.
3.This study makes the three level “premium” in 1999 as follow 3.7099‰. 7.8735‰. 9.0585‰. And it is as follow 4.1800‰. 6.2368‰. 8.4199‰ in 2000.
The estimated “premium” based on the risk ranking on this study is significantly effective. The three different “premium” levels could point out the unfair “premium” on the credit department of farmers’ associations. Finally, this study suggests that the Central Deposit Insurance Company in Taiwan could consider reducing the first level of “premium” and rising up the second. third level premium to be fair situation.
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