Research On Protection Of Creditors’ Right To Know Under The Company Capital System Reform

The protection of company creditors has been deeply concerned by people all the time. The traditional company’s credit described by the Company Law 2005 was guided by the concept of capital credit which was built on strict capital system. However, the fact is that the capital credit concept neither can protect creditors’ right nor can provide convenient conditions for company’s development. 2014 Company Law starts the reform on capital system and this reform has taken a new step by leaps and bounds to transform "Capital Credit" to "Asset Credit". This capital system reform injects new content and vitality into protection of creditors, but at the same time it also causes some negative impact. Therefore establishing creditors’ protection system under this reform is the right way for us to go.The transmission of company’s assets information is essential to protection of creditors, so protection of the creditors will be built on company’s asset rather than its capital. If a creditor of the company’s assets can effectively enjoy the right to know debtors’ information, then creditors can safeguard their own rights based on analysis of company debtors’ asset information. "Company Law"(2005) clearly provided that shareholders are entitled to know certain information about company with regard to the daily operations. But the law pays little attention on the creditors’ right to know. Even though there was some relevant laws and regulations related to the creditors’ right to know, but those regulations are vague terms which can not provide strong protection for creditors. After 2014 the new "Company Law" introduced, the business environment, the government functions, the credit system construction have been changed deeply. So in this paper, the basic idea is to propose the construction of creditor’s right to know under the framework of the existing legal system, to ensure creditors know changes on the assets information of the debtors.This paper is divided into 3 parts:The first part is the introduction of credit basis to creditors’ protection and the analysis on creditors’ protection from the point of view of the assets. Asset credit means company uses its assets to reflect the ability of paying off debts. The first step is to clarify the concept of assets on the basis of establishing creditor’s protection on the idea of credit assets. At First author defines "assets" from both aspect of accounting and law. Finally, the author interprets the connotation of assets from multiple perspectives. On above basis the author analyzes the relationship between assets and protection of creditors’ right to know.The second part the author introduces both domestic and oversea legislation on the creditors’ right to know. The introduction is on the perspective of comparative studies, respectively from four aspects: the registration system, financial reporting system, business books system, publicity system on significant changes in asset information. In this part, author also mentions domestic new reform on company annual report system and domestic practice on protect of creditors’ right to know.The third part introduces ways of how to protect of the creditor’s right to know based on present situation of our country. Through investigation and analysis, the entire framework of right includes the following sections: the subject of the right; the object of the right and ways to exercise right. Above all the core of the paper focuses on how creditors effectively exercise their right to know asset information in the context of the capital system reform.