突破資料蒐集之困難，本文以臺灣基層農會信用部為對象，探討並檢定利率自由 化對其資產負債管理行為及獲利能力之影響。 針對本文之研究目的，將 262 家農會樣本區 分為都市型、混合型及鄉村型農會三類，並以民國 66 ∼ 83 年橫斷面與時間序列之混合資 料進行隨機效果模型分析。實證結果顯示無論是都市型、混合型，亦或是鄉村型農會，利率 自由化不但會對其資產及負債管理的行為產生顯著的改變，而且會進一步顯著改變其獲利能 力。基本上，所有農會均呈借長貸短，面臨利率下降的風險，但都市型農會對資產負債管理 調整速度較混合型及鄉村型農會為快速，且其資產與負債平均到期期限較一致，顯示都市型 農會較混合型及鄉村型農會重視資產負債管理，其所面臨的利率風險因之較小，其經營行為 較似一般商業銀行，而規模過小之混合型及鄉村型農會之利率風險規避能力與效果則相對不 良，會面臨較高之利率風險。主管當局在制定基層農會信用部管理政策時，實應針對不同類 型農會之特性加以適度區分。
This paper applies Random Effect Model with panel data to analyze and test the impact on asset/liability management and profitability of Farmers' Associations as regulations on interest rate have been removed in 1989. For our study purposes, the 262 Farmers' Associations are classified into three categories: the urban area, the intermediate area, and the rural area Farmers' Associations. The interest rate liberalization has affected greatly both the A/L management and the profitability of all Farmers' Associations. The empirical results reveal that Farmers' Associations of all categories "borrow long and lend short" in their operations and have improved the speed of A/L management since the interest rate liberalization. The empirical results also show that, compared with the intermediate area and the rural area Farmers' Associations, the urban area Farmers' Associations have better hedged ability and thus have greater adjustment to the interest rate liberalization against interest rate fluctuations. These empirical findings can help the authorities set up appropriate policies to monitor the maturity risk exposure of different types of Farmers' Associations.
