To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels.