Abstract: The right of inspecting account books was stipulated in our company law, and anonymous investors have the rights when they are shareholders of the company. There are different views on how to confirm the title of shareholder of a anonymous investor. At the point of legal analysis, the best choice is the “theory of with reference to equity transfer rule” under the “theory of substantial element”. The company should be noticed the change of stock rights if the anonymous investor wants to exercise the rights of shareholder by himself which including the right of inspecting account books. The change has legal effect on a company only after a effective notice reaches the company.