The reform of capital subscription in the corporate law has led to practical disputes centering on the interests of shareholders’ contribution term. Around the issue of the validity structure of the agreement on the term of shareholders' contribution

the practical and theoretical circles have confronted on the general view. The general theory of strengthening the internal and external validity of the agreement on the term of capital contribution will not only bring about the disadvantages of inadequate protection of creditors' interests

but also seriously limit corporate operation and management ability; the general theory of denying the external validity of the agreement on the term of capital contribution will bring back inherent defects of capital credit

which is against the purpose of the reform of capital subscription. At the level of legal dogmatics

guided by the rules of legal interpretation and the rules of law renewal

and taking the credit of the corporate's assets as the fulcrum

the internal and external validity structure of the agreement on term of capital contribution should be recognized

but corresponding authority of the board of directors should be given to realize the double effective protection of the interests in corporate operation and management and the interests of creditors.