bet365 live casino games From the subscription system to the authorized capital system，It is a major theoretical leap in the reform of my country's company's capital system，It marks the advent of the era of financing and rule of law in the financing and rule of law of the company。The focus of authorization of the capital system is that the company's financing autonomy and the interests of new and old shareholders are balanced。Company Articles of Association or shareholders' association authorized the board of directors to issue shares，It is convenient for the company to set up，Division of the power division of the company's financing governance，Highlight the status of the decision makers of the board of directors。Authorized capital system and category stock、Combined with the real payment system，Not only meets the needs of investors with different preferences，Open a new type of capital trading channel between the company and shareholders，reduces problems such as the blur of the company's registered capital。The benefit balance and relief of the old and old shareholders，Under the selection mode of the priority subscription right of shareholders，It must be supported by strengthening the obligations of directors' trust，Judicial relief that supplemented by the main purpose of the issuance of new shares and defects。

　Keywords:Authorized Capital Co., Ltd. Board of Directors Decision Category Share

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