Study Of Listed Companies Minority Shareholders The Right To Know

The article makes it an emphasis to discuss building up and perfecting the rules of the right to learn the truth held by stockholders. The article is divided into four parts as follows:The first chapter analyzes and elaborates the basic theory of the right to learn the truth held by stockholders and the way to realize it. First of all, the article analyzes the concept of Stockholder's Right to Learn the Truth. The article points out Stockholder's Right to Learn the Truth is not only passive accept. The Stockholders should seek positively. "Accept" and "Seek", reflect its law property that within it the passive right and positive right exist. So the article assert to define the learning of the middle & small shareholders as follows: According to the law or company's rules, Stockholder's Right to Learn the Truth is the right to accept and seek the company's operating and managing information and all other company issues that can influent the middle & small shareholders' interest. On the basis of it, the first layer regulates the Listed Company's lawful duties, which means the companies positively publicize the operating information to the middle & small shareholders according to the laws. The released obligation of the Listed Company Information Disclose is mainly realized by the Information Disclose system. If the company does not release the relative information or release the false information, then it hurts the middle & small shareholders' Right to Learn the Truth. The second layer, which offer the middle & small shareholders the lawful right, in detail, the right mean the middle & small shareholders can use their right according to the law to know the company's relevant information (mainly check the account book) and the right to ask the trustee or senior managing employee the relevant questions. By contrast to the first layer, this is the stockholders' using their Right to Learn the Truth positively. Secondly, the article analyzes the nature of Stockholder's Right to Learn the Truth. Stockholder's Right to Learn the Truth is a very important part of the Stockholder's Right System. It is different from the other rights and cannot be included by the other rights. It is privately owned, basic, instrumental, profitable itself and to the others. Then the article analyzes the theoretical basis that Listed Company middle & small shareholders Right to Learn the Truth. The article assert that the theoretical basis that Listed Company middle & small shareholders Right to Learn the Truth is the middle & small shareholders theory, leaning theory and Listed Company middle & small shareholders Right to Learn the Truth's lawful basis and economical basis. The second chapter states the protection the Information Disclose offers the middle & small shareholders. First the article analyzes the effect criteria of Information Disclose. It analyzes the reality, accuracy, integrality, timing and fair criteria. These are also the Stockholder's Right to Learn the Truth, which means the middle & small shareholders have the right to fairly learn in time the real, accurate and integrate information. Secondly the article states the Information Disclose content, which analyzes the periodic report and temporary report. At last the article emphases on analyzing the civil liability of offending the Information Disclose that broke the shareholders' right to learn, which includes the character, the principal part and the constructions of the liability.The third chapter states the protection the consult power and Interpellation power in Company Law offers the middle & small shareholders' Right to Learn the Truth. It States the principal part, the range, the restriction, the ways, the relief of the law of consult and interpellation.The fourth chapter raises the suggestion of perfecting the national listed Company system of middle & small Stockholder's Right to Learn the Truth based on analyzing the recent middle & small Stockholder's Right to Learn law. The first suggestion is a health system of Information Disclose should be built up. Firstly, our national legislation paper lack of the definition of predictable Information Disclose. It should be clearly definite and define the principle of Disclose in the Stock Law. Secondly, normalization paper should be formulated for the Listed Company predictable Information. Thirdly, Civil liability aim at predictable Information should be built up. Fourthly, aim at against the offending of Listed Company middle & small shareholders, especially analyzes perfecting consult power and Interpellation power in Company Law. Aimed at the Listed Company middle & small shareholders, the second suggestion of this article is to perfect the shareholders' consult power and Interpellation power law.