地方政府干预、境外战略投资者引入与城市商业银行治理

本文以8家城市商业银行的42份年报作为研究样本，利用主元分析法实证研究了地方政府和境外战略投资者对城市商业银行公司治理的影响，及其作用于城市商业银行的具体机制。研究结果表明，地方政府对城市商业银行治理产生了负面影响，境外战略投资者在一定程度上抑制了地方政府对城市商业银行的干预，促进了城市商业银行治理的改善。为了提升城市商业银行公司治理水平，本文建议地方政府进一步退出城市商业银行，取消城市商业银行中境外战略投资者持股比例监管限制，鼓励外资派驻更多的董事和高管实质性参与城市商业银行的经营管理。

The Intervention of Local Government,Introduction of Foreign Strategic Investor and Governance of City Commercial Bank

This paper empirically studies the effects of local governments and foreign strategic investors on corporate governance of city commercial banks and their specific mechanisms of their effects on city commercial banks by using principal component analysis and 42 annual reports of 8 city commercial banks as study samples. The result of study shows that local governments have an adverse impact on corporate governance of city commercial banks, and though local governments reduce stake of city commercial banks in recent years, they control city commercial banks by appointing chairman of the board and other senior executives. Foreign strategic investors restrain the intervention of local governments on city commercial banks , improve corporate governance of city commercial banks, while foreign investors have greater right of speech on condition of gaining controlling stake and it becomes the most effective intervention mechanism to dispatch to directors and top managers joining daily management of city commercial banks. Finally , in order to boost the level of corporate governance of city commercial banks , this paper＆amp;nbsp;suggests that local governments exit city commercial banks further , canceling regulation restrain on stake percentage of foreign strategic investors of city commercial banks , and encouraging foreign investors to dispatch to more directors and top managers materially taking part in daily management of city commercial banks.