上市公司股东知情权研究

华中科技大学博士学位论文上市公司股东知情权研究姓名：蓝寿荣申请学位级别：博士专业：管理科学与工程指导教师：朱雪忠20050426IIAbstractTheinformationdisclosuresysteminsecuritiesmarkethasimprovedalotinpastfewdecades.However,misrepresentationmadebylistedcompaniesisgoingonandon.Theauthorbelievesthatthecruxoftheproblemisnotaboutthesystemitself,butabouttheangleofseeingthesystem.Theinformationdisclosuresystemisalwaysconsideredandusedasmeansofadministrating,sothatisregardedfromtheadministrator’spart.Ifregardingitfromtheangleofstockholders,wewillfindthatthefalsestatementabouttheinformationofsecuritiesmarketisactuallyinfringinguponthestockholders’righttolearnthetruth.Thisarticleraisestheconceptoftherighttolearnthetruthheldbystockholders,thatistherightheldbystockholderstolearntheauthenticinformationaboutthecompanies.Ithasalsooutlinedthebasisofthetheoryaboutthetruth-learningrightthatismadeupwiththetheoriesabouttherightsofstockholders,righttolearnthetruth,marketeffectivehypothesis,informationasymmetry,insiderdealing,marketfraud,etc.Thearticlemakesitanemphasistodiscussthebasicmattersoftherighttolearnthetruthheldbystockholders.Stockholdershavetherighttodemandthatallneededinformationlearnedfromthelistedcompaniesisobjective,consistent,andstandard.Theinformationrevealedbythecompaniesmustbeaccuracy,inordertoavoidthepublic’smisunderstanding.Theinformationthatstockholderslearnshouldalsobecompleteandintegrated.Theconflictbetweenthetruth-learningrightandtheprotectionofbusinesssecretisaboutthedefinitionoftheright.Stockholdershavetherighttolearnallshould-be-revealedinformationaboutthelistedcompaniesexpedientlyandintime.Thelistedcompaniesshouldensuretheinformationnotbemadeuseofbefore,andallstockholderscouldgaintheinformationatthesametime.Thearticlealsoresearchonthesystemsthatprotectstockholders’truth-learningright.Suchasthesystemofconsultingthefinancialbook,thesystemofrevealinginformation,creditsystem,andsoon.Thesystemofconsultingthefinancialbookisconsistedofseveralparts,likethequalificationofthesubjectsofright,listedcompanies’dutytokeepIIIthefinancialbookandtoprovethestockholders’demandstobeunreasonable,regulationaboutobjectsandprocedurewhenconsultingthefinancialbook,etc.Theauthoremphasizestheimportanceofconstructingsecuritiescreditsystemontheprotectionofstockholders’rightstolearnthetruth,andputsforwardthattheroleofgovernmentinthesecuritiesmarketshouldbeproperlyregarded,scientificsecuritiesmarketissuesdealingsystemshouldbebuilt,penaltywhenbreachoffaithoccursshouldbeimprovedandpersonalcreditsystemshouldbeestablished.Andtoagreatextentlistedcompanies’breachoffaithactuallyresultsfromthebreachoffaithofsomepersons.UsingUSA’spersonalcreditsystemforreference,wecoulddobetterintheestablishingourowncreditsysteminthefuture.Thearticlediscussesthelegalobligationswhenstockholders’righttolearnthetruthisinfringedaswell.Thediscussioninvolvesissuesasthecharactersofthebehaviorthatinfringestheright,thequalificationofthesubject,theprincipleswhencognizingtheobligation,therelationshipofcauseandeffectandthelawsuitsystem,etc.Afterresearchingthecontentsoftherighttolearnthetruthheldbystockholders,wecaneduceathemethatisalwaysunderdiscussiononsecuritiesmarketdevelopment:investorsrightsandinterestsisallthetimetheaimthatstockholders’truth-learningrightsystemisestablishedfor.Keywords:ListedCompanySecuritiesMarketInformationDiscloseStockholder’sRighttoLearntheTruthInvestorProtection111.120022003200420041996200010--2000101920001019200010191997[1997]131000120100199821999320001.2·LouisD.Brandeis,19672004BishopCarltonHunt19352001OliverWendellHolmes,18814192030LouislossandJoelSeligman,19881718200420031720L.C.B.Cowers,1979120E18441845186318632000190019331920518901914WilliamGriffith.19191911“”193352719934221993815199971619965%200419199320012001719968“”“”“”“”2004TheLawofSecuritiesRegulation2003919971011720032004William,A.Lovett1997DavidLRatner19981999RobinHollington,2004(SECURITIESANDEXCHANGECOMMISSIONSEC)1.41322.132333538102103104106110111136138177195142.2199348119323151(1999)(1995)(2001)(2002)(2002)(2004)(,2002)(2000)(2002)16(2004)(2004)217(1997)26318(1994)(2000)(1994)19741982198719891919761982199619661974197619822.3120(19931997)2119901229199442829(1993199410)19925220(1991199611)231219911996111/3199311996111119932003222——“”“”“”“”“”“”“”(1997)23“”“”(2003)(1999)2.42411997()(317)(229)(18)(127)(83)(69)1997(LouisLoss1988)(1999)(2001)25(19971997)(2001)21975BlackievBarrack(RichardW.Jennings,1998)(2004)BasicInc.v.Levinson10b-5(1996)“26”(RichardW.Jennings,1998)InRePhillipsRetroleumScuritiesLitigation“10b-5”2003193410b-510b-510b-5197510b-510b-520032.5272833.13.1.1193311(a)()20724596320217211112200412917.4519991.7820005.6720018“”200044%10031.617619970.41.5719991.530.191.43919970.419980.3819990.1320000.93219970.34200120203019960.7965919970.429519940.119950.119960.0919965.42002219921994313128.92.4411.39.342001811.4350.5%320011.23541001995199619971787520016246.3925.6199912313214291999200015396()3.1.2,”(2002)33Marxv.ComputerScienceCorp.507f.2d485,489490(9thcir,1974)197012319703271.28