Along with the financing behavior of listed companies continued to deepen, Most of the researchers in China documented that the listed companies have equity financing preference. Basing on different viewpoint and Method, hebei Iron and Steel actual capital structure of listed companies as an example, the paper research enterprises in investment returns, risk and other factors affecting capital structure. Risk-utility model of Analysis of capital structure is set up in this paper. It is used to listed companies in Hebei Iron and Steel Analysis of the financing preference and which was carried on practical application based on the actual capital structure with Tangganggufen.