Abstract:From subscription system to authorized capital system，It is a major theoretical leap in the reform of my country's corporate capital system，marks the advent of the modern era of legal governance for joint-stock company financing。The focus of the authorized capital system is on the company’s financing autonomy and the balance between the interests of new and old shareholders。The company's articles of association or shareholders' meeting authorize the board of directors to bet365 joining bonus code shares，Convenient for company establishment，Reshaping the division of power in corporate financing governance，Highlight the decision-making status of the board of directors。Authorized Capital System and Class Shares、Combined with paid-in system，Meet the needs of investors with different preferences，Open a new capital transaction channel between the company and shareholders，It also reduces problems such as the virtualization of the company’s registered capital。The balance of interests and relief for old and new shareholders，In the shareholder preemptive rights charter selection mode，Must be supported by strengthening directors’ fiduciary obligations，Judicial relief supplemented by review of the main purpose of new stock issuance and litigation for defects。

　Keywords:bet365 joining bonus code Co., Ltd. Board Decision Class Shares

　AuthorFu Qiong，Professor of Jilin University Law School (Changchun 130012)。