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1、Law,CorporateGovernance,andCorporateScandalinChinaYiZhangPekingUniversityInternationalConferenceonCorporateGovernanceShanghaiMarch2005I.IntroductionIthasbeenovertenyearssincestockmarketsestablishedinChina.Chinastocksmarkethasbeenplayingarole.thereexistsomanylistedfir
2、mscommittedfraudandscandalSince1992,about200listedfirmsamong1200havebeensubjecttosecurityenforcementactionbyChinaSecuritiesRegulationCommission(CSRC),ShenzhenStockExchange(SZSE)andShanghaiStockExchange(SSE).Theratiooffirmswithscandalisfarabovethelevelofothercountries
3、MotivationWhatcontributestofirm’sscandal?DoescorporategovernancematterinChina?Isthereasoundcorporategovernancemechanismcouldpreventscandal?Doeslegalandeconomicdevelopmentmatter?-Isthereadifferencebetweenfirmsinregionswithvariouslegaleffectiveness?-economicdevelopment
4、?II.IssuesandHypothesis:-Corporategovernance-legal-economic-finance1.CorporateGovernance1.1.ownershipOneofthemostessentialfeatureoftheownershipofChineselistedfirmsisthedominanceofthelargestshareholderTherehasnoeffectivemechanismtomonitorandrestrictthelargeshareholder
5、sThelargeshareholdercanexpropriatetheminorityshareholdersforprivatebenefit1.CorporateGovernance1.1.ownershipJensen(1976)Stulz(1988)H1A:Astheownershipofthelargestshareholderincreasesfromzero,afirmismorelikelytobeassociatedwithscandalEntrenchmentoflargeshareholdersExpr
6、opriationbylargeshareholderLaPorta,Lopez-De-Silanes,Shleifer(1999)LaPorta,Lopez-De-Silanes,Shleifer(2002)Claessens,Djankov,Fan,andLang(2002)FanandWong(2002)H1B:Astheownershipofthelargestshareholderincreasesovercertainlevel,afirmismorelikelytobeassociatedwithscandal1.
7、2FirmControllerThereisfundamentaldifferencebetweenstateandnon-stateshareholdersThereishugedifferenceamongstateshareholdersininternalmonitoring,etc.-centralgovernment(bu/wei,中央部委）和-non-centralgovernment(非部委）LiandZhang（2005）LiandZhang（2004）LinandZhang（2004）1.2FirmContr
8、oller-centralgovernment(bu/wei,中央部委）和-non-centralgovernment(非部委）centralgovernmentcontrolledlocalgovernmentcontrolledlocalStateEnter
