The economic eff ects of capital account’s sub items are heterogenous. And studying the diff erences in international capital can help to adopt effective regulatory policy.We divide international capital into international debt capital and international equity capital, according to the diff erence of channel and eff ect of international capital fl ows. We combine the research of micro corporate fi nance and international economics. We analyze the characteristics and the influence mechanism of two forms international capital flows. This paper believes that there are structural diff erences in the eff ects of international on the domestic economy. The international debt capital inflows can provide liquidity support, but international equity capital inflow make directly credit not liquidity. Domestic debt level leads to international debt capital fl ows have threshold eff ect, while institutional quality leads to international equity capital fl ows have threshold eff ect. So, we should pay attention microeconomic agents (corporates) while opening capital account. And we should construct fi nancial and institutional infrastructure to be prepared to taking capital fl ow liberalization and establish the framework of capital fl ow management measures to avoid the risks. Studying the structural diff erences in international capital fl ows is of great practical signifi cance for gaining a deeper understanding of the characteristics of international capital and taking eff ective regulatory measures.