中国在美上市公司财务造假：一个基于制度的分析框架

Financial Fraud of China＇s Listed Companies in the United States： An Analysis Framework Based on Institution

自2010年年底以来，中国在美上市公司大范围集中被曝财务造假，引起美国乃至全世界的关注。本文基于制度分析的视角，全面剖析了中国在美上市公司发生财务造假的制度根源，并结合中关两国证券监管的国情，提出了改进和完善我国证券市场监管的启示和借鉴。

Since the end of 2010, China＇s listed companies in the United States were found financial fraud in a wide range which caused attention of the United States and the rest of the world. Based on the perspective of institutional analysis, this paper makes a comprehensive analysis of the institutional root of financial fraud by China＇s listed companies in the United States. In addition, this paper puts forward enlightenment and reference for improving the regulation of securities marked in China according to the securities supervision situation of the two countries.