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Law, Corporate Governance, and Corporate Scandal in China Yi Zhang Peking University International Conference on Corporate Governance Shanghai March 2005 I. Introduction It has been over ten years since stock markets established in China. China stocks market has been playing a role . there exist so many listed firms committed fraud and scandal Since 1992, about 200 listed firms among 1200 have been subject to security enforcement action by China Securities Regulation Commission (CSRC), Shenzhen Stock Exchange (SZSE) and Shanghai Stock Exchange (SSE). The ratio of firms with scandal is f