ON ENTERPRISE INFORMATION PUBLICITY SYSTEM AFTER COMPANY CAPITAL SYSTEM REFORM: FROM THE PERSPECTIVE OF PROTECTING THE CREDITORS’ INTERESTS

公司资本制度变革下企业信息公示制度研究：

以债权人利益保护为视角

Wu Fang          Ph.D. Candidate at Southwest University of Political Science and Law

Abstract: As capital credit system adhered to in commercial area is smashed by a new round of enterprise capital system reform, a significant issue placed before this round of reform is how to protect the interests of the creditors. The enterprise information publicity system, though highly praised as a means of prevention, is also faced with all sorts of challenges. In view of this, an empirical research on China’s enterprise information publicity system indicates that there are some problems existing in both design and actual operation of such system, which, at the system level, include the lack of regulation in enterprise information publicity, the insufficiency of remedy granted to a third party harmed due to the violation of publicity obligation, the disconnection with China’s practice in transaction, the absence of differentiated treatment with regard to enterprises’ voluntary information publicity, etc.; and which, at the system operation level, include the incomprehensive publicity with regard to content, improper regulation for the implementation of enterprise information publicity system, unitary channel for enterprise information publicity, higher cost for obtaining further information by such third parties that cannot obtain enterprise information through publicity platform. Those problems mentioned above have seriously restrained the functions of enterprise information publicity system in maintaining transaction security and protecting the interests of creditors. Therefore, it is necessary to improve China’s enterprise information publicity system through such means as enhancing responsibilities of relevant entities for information publicity, improving the content of information publicity, and establishing the third party information publicity platforms.