Thesis (MBA)--Stellenbosch University, 1978. / INLEIDING: Die doel van hierdie tesis is om die invloed van belastingpligtigheid op die finansiële beplanning van graankoöperasies in Wes-Kaapland te ontleed en die bevindings te publiseer voordat die eerste landboukoöperasie belastingpligtig word. Teoreties is hierdie vroegste datum 31 Maart 1978 wat dus na die publikasie van hierdie tesis sal plaasvind.

Thesis (MDF)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: This research report is a case study of a rural agricultural cooperative bank, the People’s National Cooperative Bank (NPCB). The NPCB has its foundations in the early 1900s and today operates 37 branches across the island of Jamaica. Notwithstanding its history, the NPCB has continued to suffer from issues related to overall profitability and therefore has undergone various transformations and amalgamations of branches over the years. This study involves a comparative analysis of branch performance based on branch-specific financial data. Best and worst practice banks are identified along with their key characteristics in order to pinpoint areas of operations that may benefit from improvement. It is suggested that the variance in the level of efficiency with which resources are employed and incomes earned are factors which affect the level of performance of individual branches. The findings of the research indicate large variations in branch expenses, incomes and lending rates and suggest the need for further examination of branches on a case-by-case basis in order to better facilitate improvements in their respective levels of efficiency.

The main objective of the study was to investigate the causes underlining small-farmers default on bank loan repayments in the North West Province. One hundred and sixty farmers were randomly selected to be part of the sample. Questionnaires were issued to both farmers and bank officials. Descriptive statistics, correlation and regression models were used to analyse the data. The overall results indicate that most of the small farmers are in the old age category (58 years on average) with very low educational level. This scenario poses a challenge to the stakeholders in agriculture specifically the succession plan to these elderly people when they leave agriculture due to retirement. It was revealed by the study that the farmers do not keep either financial or production records. The analysis shows that the small farmers lack skills in financial management therefore, they are unable to execute the prerequisite to modern farming which are literacy and numeracy as indicated by Woohall et. al.,( 1985). Most of the respondents have outstanding debt from Agribank yet they received loans from Landbank. Because of their low production and other many responsibilities, they are unable to repay loan instalments thus leading to loan default to their current financial supplier, which is Landbank. Lack of monitoring of loan funds was identified as one of the causes of the farmers Joan default. The analysis also indicates that the small farmers have access to finance but the major problem is lack of financial management skills, more involvement in household responsibilities, and lack of technical assistance from relevant stakeholders like extension officers and project managers from the bank or from the Department of Agriculture. Since the Land bank have no field officers to assist the farmers, it is recommended that the bank should have field officers to assist farmers in their business, especially with production, marketing, financial management and farm management Skills. The inability of the farmers to access good value markets for their products was identified as one of the problems, which led to loan default because the farmers are unable to market their products at the right time for good value in excess of their cost. It is recommended that financial institutions should assist their clients to access better markets for their products for better price which will in turn give them better income in order to repay their loans. / M.Sc. (Agric. Economics) North-West University, Mafikeng Campus, 2005

MSAEC / Department of Agricultural Economics and Agribusiness

Dpartment of Agricultural Economics and Agribusiness / MSc.AEC

當前我國農業金融施政目標將配合農業加值政策，多元化推動政策性專案農貸，農貸對象將由個別農漁民推廣至農企業，是以，資金用途亦將由農業生產擴及農漁業運銷、加工與技術研發；穩健持續的發展農業將需要充分的資金，如何為農業發展自金融市場引入資金，融資是我國金融施政的當務之急。 　　我國農漁會組織結構脆弱，規模小且欠缺增資機制，本論文鑑於美國資產證券化發展至今已半個世紀，其對直接融資環境的建樹及國家經濟的繁榮功不可沒；直接融資的優點有三：降低借款者的融資成本、提高貸款者的營運效率、增加投資者的投資標的，本論文冀望借鏡美國資產證券化發展經驗及運作模式，創新我國融資思維，以「農業貸款證券化」的方式自金融市場直接取得資金，消弭農業金融當前的瓶頸，為農業發展提供有效的融資，全力發展農業貸款證券化尚能促進國內證券化及信託業務的健康發展。 　　本論文參考美國資產支持證券與小型企業署證券化的運作模式，規劃我國農業貸款支持證券的發行程序，包括創始資產、資產群組化、現金流結構、信用增強機制、發行架構、風險分析、信用評等及訂價策略八個構面，並探討發行之可行性，獲得適法性無疑、市場供給面與需求面具有發行正當性之結論。 　　在促進次級市場流動性議題上，本論文建議以「指定集合管理運用金錢信託」平台，透過投資人的多元性參與以及投資商品的多樣性選擇，在金錢信託架構下促進交易市場的活絡，進而帶動流動性的增強；最後，本論文建議信託業運用信託機制發揮投資銀行之功能，於兼顧企業融資與客戶投資之同時，實踐扶持中小企業、促進地方經濟繁榮的責任與願景。 　　國內如能順利推動農業貸款證券化業務，對市場各個參與者之利基臚列於下，此亦為本論文衷心冀盼的： 一、對政府、農委會等中央主管機關而言： 　　（一）得以建立我國農業資本市場、擴大我國債券之發行。 　　（二）得以解決農地閒置休耕問題、增進農企業規模發展。 　　（三）得以樽節政府農業發展支出、普及全民投資農漁業。 二、對全國農業金庫而言： 　　（一）得以差異化的營運方式有別於農漁會之經營。 　　（二）得以超然的立場貫徹執行金融監督管理之責。 三、對農漁會而言： 　　（一）得以縮減資本計提的需求、提升ROA與ROE。 　　（二）得以提升金融資產流動性、增進資金使用效率。 　　（三）得以提高自有資本的比率、改善經營的績效。 　　（四）得以開創資金調度的渠道、降低資金取得成本。 　　（五）得以分散金融資產的區域性風險與集中性風險。 四、對農、林、漁、牧業者而言： 　　（一）得以取得貸款資金。 　　（二）得以降低融資成本。 五、對投資人而言： 　　（一）得以直接參與本土農業投資。 　　（二）得以享有多樣化的投資選擇。 / The current Agriculture-Finance policy of R.O.C. is to cope with Agriculture Value-up policy, so as to promote diversified project loans from individuals to corporates. Consequently, the purpose of finance will be extended to agricultural and fishing logistics, process and technic inventions. Constant and stable development of agriculture needs sufficient capital; however, the main and urgent issue of agricultural development is to direct financing from capital market. The construction of farmers’ and fishermen’s association of R.O.C. is relevantly fragile, in miniature and in lack of the mechanism of capital injection. The securitization of the U.S.A. has been developed through half century, which flourishes economy and direct finance. There are three advantages of direct finance; the first is to lower the cost of borrowers, the second is to level-up the business efficiency of debtors, and the third is to increase the objects of investors. The essay is about to refer to the experiences of US securitization and its models, so as to innovate our financing thinking with direct financing from Agriculture-Loan-Securitization; where the bottleneck of agriculture financing can be breached and provide more sufficient and efficient capital to boost Agriculture-Loan-Securitization with advantageous growth of domestic business of securitization and trust. This essay consults the methods of US ABS and SME construction to plan the issuance of Agriculture-Loan-Securitization, including aspects of original assets, assets sectors, financing construction, credit enhancing mechanism, issuance construction, risk analysis, credit rating and pricing; that leads to the justification of feasibility, legality, supply and demand of issuance. As to the issue of increase liquidity of secondary market, this essay suggests that the building of Semi-discretionary collectively managed money trust platform can provide a varieties of diversified participation and investing products to investors under the construction of money trust to activate vivid market transaction and empower liquidity. This essay also suggests that the business of trust shall use the function of investment banking, with the balance between corporate financing and client investment, to support SME and improve local economy as a liability and vision. In the event of the succession of domestic Agriculture-Loan-Securitization, the niches of each participant are suggested as followed with sincerely: 1. To Council of Agriculture and government at large, (1) Building up agriculture financing market, expanding the issuance of bonds. (2) Sorting out farmland fallow, increasing the scale of agriculture business. (3) Saving the cost of governmental agriculture cost, promoting the investment to agriculture and fishing. 2. To Agricultural Bank of Taiwan, (1) Setting up the differentiation of management from farmers’ and fishermen’s association. (2) Supervising independently. 3. To farmers’ and fishermen’s association, (1) Minimizing the demand of capital adequacy, increasing ROA and ROE. (2) Increasing capital liquidity and efficiency. (3) Level up tier 1 capital, improve return. (4) Developing new capital channel, lowering the risk of financing. (5) Spreading finance area risk and concentric risk. 4. To agriculture, forestry, fishing and animal husbandry business, (1) Acquiring finance (2) Lower the cost of financing 5. To investors, (1) Participating local agriculture investments directly. (2) Have diversified options of investment.