城商行股权结构异质性及治理效率--基于文献及案例视角的分析

股权结构是城商行公司治理基石，良好的股权结构对于防范内部人控制、大股东控制问题具有至关重要的作用。城商行股份制改革逐渐步入深水区，深入研究国内城商行股权结构具有重要的理论与现实意义。本文通过对东部沿海36家样本城商行的案例分析，并基于股权结构异质性与治理效率文献研究的视角，发现虽然多数城商行已具备相对集中且制衡的股权结构状态，但是受地方财政分权及晋升激励制度的影响，地方政府仍然直接或者间接控制城商行，这种控制在一定程度上影响城商行治理效率的发挥及经营绩效的改善，城商行距离真正的市场化运作还有一定的距离。

Heterogeneity of Urban Commercial banks’ Ownership Structure and Governance Efficiency---Based on the Perspective of Literatures and Cases

Ownership structure is the foundation of corporate governance of urban commercial banks, and a good ownership struc-ture plays a crucial role in preventing insider control and control by large shareholders. Joint-stock reform of urban commercial banks has stepped into the deep water area, therefore, further deep study on the ownership structure of domestic urban commercial banks is of importantly theoretical and practical significance. Based on the case analysis of 36 eastern costal urban commercial banks and from the perspective of the literature research on heterogeneity and governance efficiency of ownership structure, the paper finds that although the majority of urban commercial banks have relatively concentrated and balanced shareholding structure, affected by local fiscal de-centralization and promotion incentive system, local governments have directly or indirectly control urban commercial banks, which affect the the implement of governance efficiency and the improvement of business performance of urban commercial banks to some extent, and there is a distance from the real market-oriented operation for urban commercial banks.