Value Analysis To Subscription Capital System

China's capital system has experienced from the full amount of paid system to installment system,until the three stages of the system.From the point of view of value analysis,the subscription capital system is based on the value of freedom and benefit,but it does not give up the pursuit of security value.The value of the free value of the subscribed capital system is the embodiment of the freedom of business in the company,that is,the company is free to invest.The freedom of capital,that is,the freedom of capital,mainly for investors,is to meet the needs of the capital contribution of the company's capital and desire to have the utility attributes,choose to subscribe to the capital system is to meet the free value of the performance of investors.The free value of the subscribed capital system is embodied in the freedom of choice of capital scale,capital contribution form,proportion of capital,payment method,payment period,down payment and capital transfer.The value of the benefits of the subscription capital system,embodied in the company set up convenient,the use of capital efficiency,promote the frequency of transactions,reduce capital costs and other aspects.China's "Company Law" from the pay system to the subscription system,in the system design more emphasis on the value of free value and efficiency.This practice is in line with the current world to relax the development trend of corporate control,but there is the risk of ignoring the value of capital system abuse.The challenge of the subscription capital system in terms of security value is as follows:the guarantee of the creditor of the company is weakened,the credit risk of the company is increased,the transaction relative person understands the cost of the company's credit.The subscription period is uncertain or is too long.The possibility of financial crime.In order to realize the free and beneficial value of the registered capital system,the security interests of the creditors are maintained.China can take measures from the following aspects:First,the establishment of strict capital responsibility to enrich and defective investment breach of contract responsibility.Second,improve the creditor protection mechanism to protect the creditors of the right to know and participation.Third,the establishment of a sound corporate credit disclosure mechanism.Fourth,build a company information disclosure or disclosure platform.Fifth,improve the terms of the shareholders or the capital contribution of the provisions of the situation.