By taking asset-liability ratio, short debt ratio and long debt ratio as the proxy variables, this paper analyzed the determinants of capital structure under the trade-off hypothesis and the pecking order hypothesis, and conducted an empirical study on capital structure of listed companies by OLS regression analysis. The results revealed that the pecking order hypothesis tends to be more consistent with the capital structure of China, while the firm size is significantly positive related to the asset-liability ratio according to the characteristic of Chinese capital market. On the other hand, the relationship between the short debt ratio and profitability, rate of dividend is more remarkable; while the relationship between the long debt ratio and firm size, growth opportunity is more remarkable. 