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Chinese financial scandals 中国金融丑闻 SHORT-SELLERS have been feasting of late on acrop of Chinese companies whose shares have collapsed on foreign markets amid allegations ofdeceptive accounting. Take Sino Forest, a forestry firm listed in Canada, whose sharesslumped from C$25.30 in March to as low as C$1.99 in June after a research outfitquestioned its accounts . 在账目作假的指控声中外国市场上一批中国公司股票大跌，这让卖空者欣喜不已。如在加拿大上市的嘉汉公司，在一研究机构对其账目提出质疑后，其股票从三月的 25.30跌至七月的1.99. A sharp fall in a companys share price after allegations of deceptive accounting is hardlyunexpected, except perhaps in China. What matters in a scandal there is a little differentfrom in most other places. 公司在被控告账目作假后引起其股票的大跌是平常之事，或许在中国是例外。同大多数其他地区相比，在中国丑闻中的决定因素略有不同。 A recent study by three academics looks at several hundred scandals linked to companiestraded on the Shanghai and Shenzhen stock exchanges between 1997 and 2005. Their resultsare striking. Revelations of financial fraud and various other similar crimes, such asembezzlement and kickbacks, are not entirely irrelevant to a companys share price. But totrigger the sort of collapse in a companys stock, the loss of short-term financing and themanagerial and board changes that occur in America or other developed markets requiresanother element in China: the involvement of the state. | 
