私募投资者知情权的路径、内容与完善建议  

Path,Content and Improvement Suggestions of Private Equity Investors’Right to Know

作　　者：李建伟[1] 李欢[2] LI Jianwei;LI Huan

机构地区：[1]中国政法大学民商经济法学院 [2]中国政法大学

出　　处：《经贸法律评论》2022年第2期89-108,共20页Business and Economic Law Review

基　　金：国家社会科学基金重大项目“营商环境法治化的制度架构与实现研究”(项目批准号:20ZDA044)。

摘　　要：私募基金存在契约型、有限合伙型、公司型三种组织模式,投资者知情权诉讼的行使路径由此三分。但实证研究表明,该路径模式存在的知情内容局限、知情标准互异、行权易阻却、救济无功效等问题,实为知情权行使错位所致。应回归私募基金“资管产品”之定性,统一以“基金”或“信托”信息披露的实定规范为私募投资者知情权诉讼的路径与内容。相较而言,该路径在修缮前述问题的同时,司法裁判因规则统一而趋向同案同判。投资者知情权的范围以基金合同的约定信披义务与基金规范的法定信披义务自当确定,知情权的边界以底层投资文件与底层财务文件为投资者可知情的正向边界,以涉及他人“商业秘密”“个人隐私”为投资者不可知情的反向边界。但投资者知情权仍须完善,建议实体与程序并进。实体上,明确并统一投资者知情权基于基金法或信托法的诉权,将披露范围分为主动披露与被动披露,知情内容当以信义义务来实质性规定;程序上,翔实查阅复制权,明确质询权,增设检查人选任请求权;并在行政监管乏力时,更加重视司法诉讼对私募投资者的“保护填补”功能。There are three organizational models of private equity:contract,limited partnership and company,therefore there are three ways to litigate investors’right to know.However,the empirical study shows that there are some problems in this mode,such as the limitation of informed content,the difference of informed standard,the obstruction of exercising right and the ineffective remedy,which are actually caused by the misplacement of exercising right to know.We should return to the qualitativeness of“asset management products”of private equity funds,and unify the established norms of“fund”or“trust”information disclosure as the path and content of investors’right to know litigation.In contrast,This path fixes the previous problem,while judicial judgment tends to be made in the same case due to the unification of rules.The scope of private equity investors’right to know should be determined by the trust obligation stipulated in the fund contract and the legal trust obligation stipulated in the fund law.The boundary of the right to know takes the underlying investment documents and the underlying financial documents as the positive boundary that investors can know,and involves other people’s“trade secrets”and“personal privacy”as the reverse boundary that investors cannot know.However,the right to know still needs to be improved.It is suggested that entities and procedures should go hand in hand.On the entities side,investors’right to know based on fund law or trust law should be clarified and unified;the scope of disclosure should be divided into active disclosure and passive disclosure.The content of knowledge shall be substantively stipulated by fiduciary duty.Procedurally,access to copy rights should be detailed;the right of inquiry should be clarified;and the right to request the appointment of inspection candidates should be added.Plus,when administrative supervision is weak,more attention should be paid to the“protection and filling”function of judicial action for private investors.

关 键 词：私募基金 投资者知情权 知情权诉讼 资管产品 信义义务 

分 类 号：D922.28[政治法律—经济法学]