Abstract: Current theories on capital structure mainly explain the corporate capital struc ture decision in the light of certain factors that influence capital structure, and are thus not exhaustive in terms of its accountability. With more r esearches conducted and also under of the influence of relevant financial theori es, capitcal structure theory is being enriched and developed. Market microstruc ture theory is a new research field in financial studies. As market microstructu re is concerned with asset pricing and corporate finance, improving and developi ng capital structure theory based on market microstructure theory and methodolog y is becoming a promising research trend.