在公司治理架构中，通常情况下大股东对于公司的决策起着决定性作用，而持股比例较低的小股东则较难对公司经营策略产生显著影响。更重要的是，小股东在获取公司信息上往往处于不利地位，其股东知情权无法得到充分保障。针对这一问题，新《公司法》对股东的知情权做出了进一步的强化，扩展了股东行使知情权的法定权限，为股东提供了更加坚实的权利保障，同时也推动公司治理的规范化。以下是关于新《公司法》中股东知情权规定的一些详细解读，供企业家参考。

　　In the corporate governance structure, major shareholders usually play a decisive role in the company's decisions, while small shareholders with lower shareholding ratios are less likely to have a significant impact on the company's business strategy. More importantly, minority shareholders often find themselves at a disadvantage in accessing company information, and their shareholder's right to know cannot be fully protected. In response to this issue, the new Company Law has further strengthened the shareholders' right to know, expanded their legal authority to exercise the right to know, provided more solid rights protection for shareholders, and also promoted the standardization of corporate governance. The following are some detailed interpretations of the provisions on shareholders' right to know in the new Company Law for entrepreneurs' reference.

　　一、法规修改对比现行《公司法》及其司法解释与新《公司法》就股东知情权的相关规定对比如下表：

　　1、 The comparison of regulatory amendments between the current Company Law and its judicial interpretations and the relevant provisions of the new Company Law on shareholders' right to know is shown in the following table:

　　二、股东知情权行使主体（一）直接持股及部分间接持股股东（仅限于全资子公司）1. 查阅、复制公司章程、股东名册、股东会会议记录、董事会会议决议、监事会会议决议和财务会计报告根据新《公司法》规定，公司股东不论持股比例大小，均有权查阅、复制公司章程、股东名册、股东会会议记录、董事会会议决议、监事会会议决议和财务会计报告，且未规定公司可以拒绝股东查阅、复制前述资料的情形。

　　2、 Subject of exercise of shareholder's right to know (1) Direct shareholding and partial indirect shareholding shareholders (limited to wholly-owned subsidiaries) 1 According to the new Company Law, shareholders have the right to access and copy the company's articles of association, shareholder register, minutes of shareholder meetings, resolutions of the board of directors, resolutions of the board of supervisors, and financial accounting reports, regardless of their shareholding ratio. There is no provision for the company to refuse shareholders from accessing or copying the aforementioned materials.

　　2. 查阅公司会计账簿、会计凭证根据新《公司法》规定，有限责任公司股东不论持股比例大小，均有权查阅公司会计账簿、会计凭证，而股份有限公司除公司章程有更低规定外，仅连续180日以上单独或者合计持有公司3%以上股份的股东有权要求查阅公司的会计账簿、会计凭证。这一规定考虑到股份有限公司股东人数众多、股份分散的实际情况，确保股东知情权得以实施的同时，避免股东滥用这一权利。此外，新《公司法》允许股份有限公司在公司章程中设定更低持股比例标准，为股份有限公司的小股东争取较法规更高水平的知情权留下空间。至于上市公司股东知情权的具体实施，则交由《证券法》和其他相关法律法规进一步明确。

　　According to the new Company Law, shareholders of a limited liability company, regardless of their shareholding ratio, have the right to access the company's accounting books and vouchers. However, for a joint stock limited company, unless otherwise specified in the company's articles of association, shareholders who hold more than 3% of the company's shares individually or collectively for more than 180 consecutive days have the right to request access to the company's accounting books and vouchers. This regulation takes into account the actual situation of a limited liability company with a large number of shareholders and dispersed shares, ensuring the implementation of shareholders' right to know while avoiding their abuse of this right. In addition, the new Company Law allows limited liability companies to set lower shareholding standards in their articles of association, leaving room for minority shareholders of limited liability companies to strive for a higher level of information rights than regulations. As for the specific implementation of shareholders' right to know in listed companies, it will be further clarified by the Securities Law and other relevant laws and regulations.

　　3. 实质性剥夺股东知情权的约定无效现行《公司法》司法解释四第9条规定，公司以其章程、股东之间的协议等实质性剥夺股东依据公司法规定查阅或者复制公司文件材料的权利为由拒绝股东查阅或者复制的，人民法院不予支持。这意味着，公司章程和股东协议就股东知情权行使设定的持股比例要求，或者对某些特定情形下股东知情权行使的限制等实质性剥夺股东知情权的约定无效，以确保股东权利不受公司章程或股东协议不合理限制。该等规定未在新《公司法》文本中体现，期待未来通过司法解释或配套法规进一步落实和完善。

　　3. The provision that substantially deprives shareholders of their right to know is invalid. According to Article 9 of the current Judicial Interpretation of the Company Law, if a company refuses to allow shareholders to access or copy company documents and materials based on its articles of association, agreements between shareholders, or other substantial grounds that deprive shareholders of the right to access or copy company documents and materials in accordance with the provisions of the Company Law, the people's court shall not support it. This means that provisions in the company's articles of association and shareholder agreements that substantially deprive shareholders of their right to know, such as the shareholding ratio requirements set for the exercise of shareholders' right to know, or restrictions on the exercise of shareholders' right to know in certain specific circumstances, are invalid to ensure that shareholders' rights are not unreasonably restricted by the company's articles of association or shareholder agreements. These regulations are not reflected in the new Company Law text, and we look forward to further implementation and improvement through judicial interpretations or supporting regulations in the future.

　　4. 查阅全资子公司相关资料新《公司法》允许股东延伸其知情权的行使范围，当股东投资的公司对外投资设立全资子公司时，股东有权行使查阅该等全资子公司的相关资料的权利。上述规则一定程度上增强了小股东在公司治理中的话语权，防止大股东通过设立全资子公司的形式规避小股东的监督，促进公司的透明度和规范治理，为股东提供了更加全面和有效的信息获取途径。

　　4. The new Company Law allows shareholders to extend the scope of their right to be informed. When a company invested by a shareholder establishes a wholly-owned subsidiary, the shareholder has the right to exercise the right to access relevant information of such wholly-owned subsidiary. The above rules to some extent enhance the discourse power of minority shareholders in corporate governance, prevent major shareholders from evading the supervision of minority shareholders through the establishment of wholly-owned subsidiaries, promote transparency and standardized governance of the company, and provide shareholders with a more comprehensive and effective way to obtain information.

　　（二）股东有权委托会计师事务所、律师事务所等中介机构行使权利新《公司法》允许股东查阅公司会计账簿、会计凭证时可以委托会计师事务所、律师事务所等中介机构进行，删去现行《公司法》司法解释四规定的股东必须取得人民法院生效判决且该股东应在场的前提条件。这一变化意味着股东行使知情权时无需经历繁琐的司法程序，可以更加直接和便捷地利用专业机构的帮助，降低了股东的时间和经济成本。即使股东自身专业能力有限，也能够通过专业机构的帮助，有效识别公司存在的或潜在的财务或法律问题，为股东提供了更加实用和便捷的法律支持。

　　（2） Shareholders have the right to entrust intermediary agencies such as accounting firms and law firms to exercise their rights. The new Company Law allows shareholders to entrust intermediary agencies such as accounting firms and law firms to access the company's accounting books and vouchers, and removes the prerequisite that shareholders must obtain an effective judgment from the people's court and be present as stipulated in the fourth interpretation of the Company Law. This change means that shareholders can exercise their right to know without going through cumbersome judicial procedures, and can more directly and conveniently utilize the help of professional institutions, reducing shareholders' time and economic costs. Even if shareholders have limited professional abilities, they can effectively identify existing or potential financial or legal issues of the company with the help of professional institutions, providing shareholders with more practical and convenient legal support.

　　三、股东知情权行使范围（一）股份有限公司新增股东有权复制、查阅公司相关资料新《公司法》将股东有权查阅和复制公司章程、股东名册、股东会会议记录、董事会和监事会会议决议、财务会计报告，以及有权查阅公司会计账簿、会计凭证的规定，从仅适用于有限责任公司修改为同样适用于股份有限公司，使得无论股东所在的公司类型如何，在满足股东资格的前提下，均有权查阅（或复制）公司关键文件，以进一步保护股东权益。

　　3、 Scope of Exercise of Shareholders' Right to Know (1): New shareholders of a limited liability company have the right to copy and access relevant company information. The new Company Law stipulates that shareholders have the right to view and copy the company's articles of association, shareholder register, minutes of shareholder meetings, resolutions of the board of directors and supervisory board meetings, financial accounting reports, as well as the right to view the company's accounting books and vouchers. This modification applies only to limited liability companies to also apply to limited liability companies, so that regardless of the type of company in which shareholders are located, they have the right to view (or copy) key company documents under the premise of meeting shareholder qualifications, in order to further protect shareholder rights and interests.

　　（二）新增股东可以查阅会计凭证在司法实践中，不同法院对于现行《公司法》规定的会计账簿是否包含会计凭证的口径不一，新《公司法》对这一分歧进行回应，即明确股东有权查阅会计凭证，同时延续现行规定，明确若公司有合理根据认为股东查阅会计账簿、会计凭证有不正当目的且可能损害公司合法利益的，公司可以拒绝提供查阅。我们认为，现行《公司法》规定股东可以要求查阅公司会计账簿，但并未规定股东可以查阅原始凭证和记账凭证，旨在保障股东查阅权的同时，防止和避免小股东滥用知情权干扰公司的正常经营活动（摘自人民法院案例库参考案例：（2020）最高法民再170号“美国阿某斯公司诉河北阿某斯公司股东知情权纠纷案”）；在现行《公司法》及新《公司法》均已对小股东滥用知情权干扰公司正常经营活动时公司有权拒绝股东行使知情权进行例外规定的前提下，不应在股东合理行使其权利时再次进行限制，否则将与设置股东知情权制度的目的背道而驰。新《公司法》的这一规定，为股东知情权的有效行使提供法律依据，由于会计凭证作为会计账簿的产生依据，股东应当有权查阅。

　　（2） New shareholders can access accounting vouchers. In judicial practice, different courts have different criteria for whether accounting books under the current Company Law contain accounting vouchers. The new Company Law responds to this disagreement by clarifying that shareholders have the right to access accounting vouchers, while continuing the current regulations, and clarifying that if the company has reasonable grounds to believe that shareholders' access to accounting books and vouchers has improper purposes and may harm the company's legitimate interests, the company can refuse to provide access. We believe that the current Company Law stipulates that shareholders can request access to the company's accounting books, but does not provide for shareholders to access original vouchers and accounting vouchers. This is aimed at protecting shareholders' access rights while preventing and avoiding minority shareholders from abusing their right to know and interfering with the company's normal business activities (from the reference case of the People's Court Case Library: (2020) Supreme People's Court Case No. 170 "Shareholder Right to Know Dispute between American Amos Company and Hebei Amos Company"); On the premise that both the current Company Law and the new Company Law have made exceptions to the right of shareholders to refuse to exercise their right to know when minority shareholders abuse their right to know and interfere with the normal business activities of the company, restrictions should not be imposed again when shareholders reasonably exercise their rights, otherwise it will go against the purpose of establishing the shareholder right to know system. This provision of the new Company Law provides a legal basis for the effective exercise of shareholders' right to know. As accounting vouchers serve as the basis for accounting books, shareholders should have the right to access them.

　　需要注意的是，现行《公司法》司法解释四对有限责任公司股东有不正当目的的情形进行列举，而新《公司法》增加关于会计凭证的规定，是否也会相应增加认定股东具有不正当目的的情形，以及该等情形是否同等适用于股份有限公司，有待司法解释或配套法规对此进一步明确。

　　It should be noted that the current judicial interpretation of the Company Law provides a list of situations where shareholders of limited liability companies have improper purposes. However, the addition of provisions on accounting vouchers in the new Company Law will correspondingly increase the recognition of shareholders having improper purposes, and whether such situations are equally applicable to joint stock limited companies remains to be further clarified by judicial interpretations or supporting regulations.

　　总结股东的知情权是股东依法参与公司治理、维护自身合法权益的基础性权利，若股东行使知情权后发现公司其他股东或者董监高侵害公司合法利益的，有权要求其他股东或者董监高承担赔偿责任（董监高责任详见前文：新《公司法》实施后，董监高应该如何履职？）；若股东发现公司监事会或者董事会怠于履行职责的，股东有权提起代位诉讼。

　　The right to know of shareholders is a fundamental right for shareholders to participate in corporate governance and safeguard their legitimate rights and interests in accordance with the law. If shareholders exercise their right to know and discover that other shareholders or directors and supervisors of the company have infringed upon the legitimate interests of the company, they have the right to demand that other shareholders or directors and supervisors bear the responsibility for compensation. (For details on the responsibilities of directors and supervisors, please refer to the previous section: How should directors and supervisors perform their duties after the implementation of the new Company Law?); If shareholders discover that the company's supervisory board or board of directors is negligent in fulfilling their duties, they have the right to file a subrogation lawsuit.

　　综上，通过保障股东知情权的行使，有利于提高公司治理水平，增强公司运营的透明度，有利于及时发现和纠正公司在经营过程中可能出现的问题，使公司在大股东和小股东的共同监督下依法、合规、稳健地发展。

　　In summary, by safeguarding the exercise of shareholders' right to know, it is conducive to improving the level of corporate governance, enhancing the transparency of company operations, timely discovering and correcting possible problems in the company's business process, and enabling the company to develop legally, compliantly, and steadily under the joint supervision of major and minor shareholders.

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