Oriented by the problem of Chinese state-owned enterprises governance, from the perspective of financing contract, the paper studies the impact of relevant factors on financial structure through dynamic allocation of control rights to stimulateentrepreneurs.The paper introduces variables of intervention cost and risk influenced by control right, and analyzes the relations of debt ratio, allocation of control right, liquidity risk,moral hazard, and investors' absolute risk aversion and intervention cost, and expect to get ideal financial structure. The results show that with the increase of liquidity risk, moral hazard and shareholder's risk aversion coefficient, the enterprises' debt ratio decreases. Because intervention cost influences the control rights of shareholders, allocation of control right under different project risk changes. The implication of the paper is that moderate debt ratio may achieve the tough constraint on the entrepreneur's decision.