As a still-transitioning business system, China's publicly listed companies are experiencing a significantly adjusting stage. In 2001, a series of exposed stock frauds relating profits manipulation triggered the impending issue to reform corporate governance in the Chinese listed companies. This thesis attempts to review one aspect of this issue---the supervisory mechanism for the publicly held companies in the Chinese context. It mainly addresses the current situations and improvements concerning the certain legal supervisory mechanism. This paper first gives a brief retrospect on the related theories, China's unique institutional settings and relating practices at present, then it examines both the internal and external supervisory mechanism for China's listed companies, at last it analyzes and evaluates the above-mentioned disciplinary mechanism from the perspective of comparative studies and some appropriate institutional choices.
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