Stakeholder theory is the essential part of modern corporate governance theory. According to the theory, capital structure is a co-contract of financial capital and non-financial capital, including the equity capital of shareholder, debt capital of creditor, human capital of management and employee, market capital of provider and customer, common condition capital of government.  From this basis, every stakeholder should have the same property right. Companies should establish their governance structures by combination of co-governance with contingent governance in financial aspects, then each stakeholder can realize its property right and companies can improve the efficiency of financial decision-making and governance.