一、导言随着现代社会资产的多样化,资本市场及公司的有效融资手段也在不断发展。这种发展亦带来了投资者投资方式的变化——间接投资逐步转变为直接投资,而投资的主要对象则是公司发行的股份。股份制度本身是公司的长期筹资手段,公司无须返还出资,可以稳定地运营目标事业。但在复杂的现代市场环境中,公司的筹资及运营方式也需要多样化。换言之,公司为了促进投资活动,一方面要设定符合公司运营目的和价值的资本结构;另一方面还要设计符合投资者投 I. Introduction With the diversification of assets in modern society, effective means of financing capital markets and companies are also evolving. This development has also brought changes in the way investors invest - indirect investment gradually transformed into direct investment, while the main target for investment is the company issued shares. The stock system itself is the company’s long-term means of financing, the company need not return the funding, you can stably operate the target business. However, in a complex modern market environment, the company’s financing and operation methods also need to be diversified. In other words, in order to promote investment activities, the company should set the capital structure in line with the purpose and value of the company’s operations on the one hand, and on the other hand,