本文透過詳細的理論文獻分析，建立有關資本結構與股權結構決定因素的十六個可驗證假說，以及資本結構、股權結構對公司價值影響的假說。利用因素分析法為每一個理論因素選擇多重指標，並且利用三階段最小平方法來估計資本結構、股權結構與公司價值之關聯性聯立模型。主要發現包括：（1）根據負債與權益代理問題所設立的決定因素，對於資本結構與股權結構存在有顯著的影響，（2）支持資本結構對公司價值之負相關假說，以及股權結構對公司價值之利益收斂假說。可見國內證券市場缺乏解決代理問題的機能，而存在顯著的負債與權益代理成本，對公司價值產生負面的影響。（3）資本結構與股權結構具有相互影響的關係。

Based on the agency theory, this study first summarizes and develops hypotheses of factors that determine ownership structure, capital structure, firm value, respectively. Using the factor analysis and 3SLS model to test these hypotheses on the Taiwan stock market. The empirical results suggest: (1) those hypotheses of factors that determine ownership structure and capital structure are supported. (2) The ownership structure is positively, and the capital structure is negatively related to the firm value is also supported. That indicates the lack of mechanism of reducing agency problem on Taiwan stock market induces the significant debt and equity agency costs to have a negative effect on firm value. (3) There exists an interrelations between capital structure and ownership structure.