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。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,结果表明,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,地方政府仍然通过＂胡萝卜加大棒＂政策直接或者间接（通过控制链）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 city commercial banks＇ ownership structure and govemance： Based on the perspective of the literature and case

Ownership structure is the foundation of corporate governance. A good ownership structure has a crucial role in prevention of internal control and control of large shareholders, Joint-stock reform of city commercial bank has stepped into the deep water area. It has important theoretical and practical significance of research of domestic city commercial banks＇ ownership structure. Based on the literature research and case study of 36 eastern costal city commercial banks, research shows that although the majority of city commercial banks have relatively concentrated and balanced shareholding structure, effects of fiscal decentralization and the promotion incentive system makes local government use ＂the carrot and the stick＂ policy directly or indirectly（through the control chain） control city commercial banks. This control has an important influence in improvement of performance of city commercial to some extent.