利益相关者关系视角下考虑非期望产出的商业银行效率问题研究

商业银行效率评价及影响因素分析一直是学术界和实务界研究的热点问题，但尚未有文献从利益相关者视角展开研究。本文运用SBM模型对考虑非期望产出的商业银行效率评价问题进行了分析。结合契约理论、商业银行生产函数、期望理论的分析，得出利益相关者关系是影响考虑非期望产出的商业银行效率的关键变量，并构建了分析两者关系的Tobit模型。在此基础上，选取我国2004-2011年14家代表性商业银行为样本，对考虑非期望产出的商业银行效率的评价与影响因素问题进行实证研究，结果表明，利益相关者关系是影响考虑非期望产出的我国商业银行效率的关键因素。

The Study on the Efficiency Evaluation Considered Undesirable Output and Its Influencing Factors of Commercial Banks from the Perspective of Stakeholder Relationships

The efficiency evaluation of commercial banks and influencing factors research have always been a hot issue in academics and practitioners, but by far it has not been studied from the perspective of stakeholder. In this paper, using SBM model which considers undesirable outputs the efficiency of commercial banks is analyzed. Combining the contract theory, production function of commercial banks and prospect theory, it can be concluded that the stakeholder relationships are the key variables of the efficiency of commercial banks. Then the Tobit model which analyze the efficiency and stakeholder relationships is built. On this basis, selecting a sample of 14 representative commercial banks from 2004 to 2011 in China, the efficiency which has been added the undesirable outputs is evaluated. Finally, an empirical research on influencing factors is carried out. The results show that stakeholder relationships are the key factor which influences the efficiency considering the undesirable outputs of commercial banks in China.