Abstract: From the perspective of overall urban and rural development,by combing the policy evolution and development status of China's industrial and commercial capital to the countryside, combined with literature research, the multi subject effect of China's industrial and commercial capital to the countryside was revealed. The results show that the policy evolution of the industrial and commercial capital to the countryside has experienced three stages of restriction, relaxation, guidance and regulation,and has formed the basic characteristics of multiple subjects and multiple models. This phenomenon has a diversified effect on farmers, grassroots governments, village collectives, and business capital itself, which demonstrates the attribute of a “double-edged sword”. Specifically, capital to the countryside can increase the income of farmers, improve the degree of organization of farmers, and yet it harms the farmers' interests and restricts the long-term development of farmers themselves. This can also activate the functions of degraded village collective organizations, but bring a certain impact to grassroots governance. For grassroots governments, this can enhance their performance, but also lead to ruling risks on account of the absence of functions. It is beneficial to the development of enterprise, but also makes enterprise face operating risks at the same time. Under the background of capital to the countryside, different optimization paths should be adopted according to the characteristics of different subjects, so as to realize the sharing benefits and win-win cooperation among multiple subjects.

Key words: capital to the countryside, evolution process, multiple subjects, influence effect, optimal path