Abstract: There are many opinions about the effect of exercision of right of subrogation, such as stock regulation, equal treatment and preferential payment . Consider fromlegislative interest and purpose , society effect of law, legal cost and efficient , benefit of other creditors , character and origin of judical interpretation, we should choose the opinion of preferential payment , vest substituted creditor priority of compension and creat modern systermof priority of compensionin right of subrogation.