Abstract: Based on the data of listed companies of nonferrous metal industry from 2005 to 2007, this paper discusses the relationship among capital structure, ownership structure and corporate value. It is observed in the empircal study that capital structure, equity concentrate degree and legal-person shares are negatively related to the corpotate value, while the relation between state-owned shares and corpotate value is vague, and tradable shares is positively related to the corporate value.