企业投资者分为股东与债权人两类。在现代经济系统与法律系统之下,两类投资者利益的保护处于完全不同的机制之下,进而决定了其报酬率的要求与实现不同。债权人的报酬率要求以利率的方式在借贷契约中予以明确,并具有法律效应,对于企业未来的现金流产 Corporate investors are divided into two types of shareholders and creditors. Under the modern economic system and legal system, the protection of the interests of the two types of investors is under totally different mechanisms, which in turn determines the different requirements and realization of their rates of return. The creditor’s rate of return requires interest rates to be lent in the loan contract to be clear and have a legal effect, for the company’s future cash flow