【作者】 蓝寿荣；

【导师】 朱雪忠；

【作者基本信息】 华中科技大学 ， 管理科学与工程， 2005， 博士

【摘要】 证券市场信息披露制度,经过几十年的演进,已经越来越完善,但是上市公司虚假陈述等事件仍然层出不穷。本文认为,问题的症结并不在于信息披露制度本身,而是信息披露制度在历史上和现实中主要是作为监管手段来看待和运用的,也就是说主要是从监管者角度来看待问题的。如果从股东视角看待这一问题,会发现证券市场的信息披露不实行为是对股东知情权的侵犯。本文提出股东知情权的概念,即股东知情权是指股东知悉公司相关信息的权利。初步勾勒出包括股东权理论、知情权理论、有效市场假设理论和信息不对称理论、内幕交易理论和欺诈市场理论等组成的股东知情权理论基础。本文重点研究了股东知情权的基本内容。股东有权从上市公司得知全部所需的信息,必须具有客观性、一致性和规范性。上市公司披露的信息必须准确无误,不得以模糊不清的语言使公众对其公布的信息产生误解。股东得知的信息应为上市公司依法发布的完整、全面的有关信息。股东知情权与商业秘密保护之间的冲突是权利界定的问题。股东有权及时知悉上市公司发生的应披露的信息,包括使用简便的方式获知该信息,该信息没有被少数人事先利用,所有股东可以同时获取该信息。本文还重点研究了保护股东知情权的股东查阅账簿制度、信息披露制度、证券信用制度等管理制度。股东查阅账簿制度,含有权利主体的设立资格、上市公司的保存账簿和证明股东不合理需求的义务、查阅账簿的客体规范和程序规范等内容。本文特别强调了建设证券信用制度在保护股东知情权中的作用,提出要正确处理政府在证券市场中的角色定位、建设科学的处理证券市场问题的机制、健全失信惩罚制度、建立个人信用制度等。其中,上市公司的失信行为,很大程度上都可以归结为有关人员的失信行为。借鉴美国个人信用制度,可以为完善我国信用制度提供一些有益的经验。本文还探讨了侵犯股东知情权的法律责任制度,涉及侵犯股东知情权的行为性质、主体资格认定、归责原则、因果关系及其诉讼机制等法律责任和程序问题。在研究了股东知情权内容之后,说明建立上市公司股东知情权制度的目的还是落脚到保护投资者权益这一证券市场发展的永恒主题上。更多还原

【Abstract】 The information disclosure system in securities market has improved a lot in past few decades. However, misrepresentation made by listed companies is going on and on. The author believes that the crux of the problem is not about the system itself, but about the angle of seeing the system. The information disclosure system is always considered and used as means of administrating, so that is regarded from the administrator’s part. If regarding it from the angle of stockholders, we will find that the false statement about the information of securities market is actually infringing upon the stockholders’right to learn the truth. This article raises the concept of the right to learn the truth held by stockholders, that is the right held by stockholders to learn the authentic information about the companies. It has also outlined the basis of the theory about the truth-learning right that is made up with the theories about the rights of stockholders, right to learn the truth, market effective hypothesis, information asymmetry, insider dealing, market fraud, etc. The article makes it an emphasis to discuss the basic matters of the right to learn the truth held by stockholders. Stockholders have the right to demand that all needed information learned from the listed companies is objective, consistent, and standard. The information revealed by the companies must be accuracy, in order to avoid the public’s misunderstanding. The information that stockholders learn should also be complete and integrated. The conflict between the truth-learning right and the protection of business secret is about the definition of the right. Stockholders have the right to learn all should-be-revealed information about the listed companies expediently and in time. The listed companies should ensure the information not be made use of before, and all stockholders could gain the information at the same time. The article also research on the systems that protect stockholders’truth-learning right. Such as the system of consulting the financial book, the system of revealing information, credit system, and so on. The system of consulting the financial book is consisted of several parts, like the qualification of the subjects of right, listed companies’duty to keep the financial book and to prove the stockholders’demands to be unreasonable, regulation about objects and procedure when consulting the financial book, etc. The author emphasizes the importance of constructing securities credit system on the protection of stockholders’rights to learn the truth, and puts forward that the role of government in the securities market should be properly regarded, scientific securities market issues dealing system should be built, penalty when breach of faith occurs should be improved and personal credit system should be established. And to a great extent listed companies’breach of faith actually results from the breach of faith of some persons. Using USA’s personal credit system for reference, we could do better in the establishing our own credit system in the future. The article discusses the legal obligations when stockholders’right to learn the truth is infringed as well. The discussion involves issues as the characters of the behavior that infringes the right, the qualification of the subject, the principles when cognizing the obligation, the relationship of cause and effect and the lawsuit system, etc. After researching the contents of the right to learn the truth held by stockholders, we can educe a theme that is always under discussion on securities market development: investors rights and interests is all the time the aim that stockholders’truth-learning right system is established for.更多还原