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This paper analyses the product market competition、 agency costs and the impact on capital sructure empirically with the data from 2008-2014 China's A-share listed companies and finds that product market competition and recapitalization rate are positively correlated, agency costs and capital structure adjustment rate are negatively correlated.Further packet inspection found that when the product market competition is intense, the gap between companies with different agency costs is small.It shows that company who is weak in product market competition should pay more attention on incentive and restraint to managers, and lower the agency costs in company.Meanwhile, under the premise of shareholder managers inherent conflict of interest resulting in agency costs is difficult to effectively alleviate, we can also effectively promote the company's capital structure dynamical optimization by strengthening the anti-monopoly and reduce barriers to entry and other ways to enhance product market competition.