本文以二種風險指標分別納入隨機邊界成本函數模型，來分析1986- 1994年間國 內 13 家銀行之成本效率，並計算出各銀行每年調整風險後的相對成本效率值。接著於第二 階段以隨機效果模型探討影響銀行效率的主要原因。模型一之隨機邊界成本函數並未加入風 險變數；模型二以不良放款比例來衡量銀行的風險及模型三以風險性資產比例來衡量銀行的 風險。本文之實際結果顯示三個模型所估算之相對效率結果，雖不盡相同，但是在 1986-1994 年間平均成本效率最高的都是高雄銀行、高雄企銀及臺南企銀，最低的都是合作 金庫及三商銀。此外，我們亦發現模型二和模型三所估算之公營專業銀行及公營商業銀行 ( 高雄銀行除外 ) 調整風險後相對成本效率水準均較模型一所得之未調整風險效率水準來得 低。

　　　　　The stochastic cost frontier function incorporated by a risk variable is applied to analyze the risk-adjusted cost efficiency of 13 domestic banks in Taiwan during 1986-1994. Model I is the stochastic cost frontier function without a risk variable. Model Ⅱ is the cost function with a risk variable measured by the ratio of nonperforming loans to total loans. Model Ⅲ is the cost function with a risk variable measured by the ratio of the risky asset to total assets. Our major empirical findings are as follows: The average risk-adjusted cost efficiency of four provincial government-owned banks are the lowest among the sample banks during 1986-1994. In general, the risk-adjusted cost efficiency is lower than nonrisk-adjusted efficiency for government-owned banks.