Abstract: It is indicated in the research, in the establishment of the process index of interest rate liberalization by use of the panel date of A-share listed companies from 2002 to 2014, on the relationship between the interest rate liberalization and enterprise capital structure fluctuation that the liberalization and fluctuation are inversely correlated and this inverse correlation is beneficial to the stability of the enterprise equity and debt governance, the reduction of financial risk and the enhance of enterprise value. And the liberalization policy is differential to the fluctuation in different enterprises.