This study is an empirical analysis of the financing effect on the capital structure of the company. For this purpose and in terms of financing methods, first we have divided companies into two groups, including corporations with much leverage in their capital structure and corporations with high stock issuance. Then we analysed them by using the capital asset pricing model and capital structure theories. All of this research has been made in connection with the listed companies in the Tehran Stock Exchange from 2006 to 2009. With the utilisation of CAPM, we calculate the risks and expected returns of two groups and compare the results to each other and the market. We used statistical tests to examine assumptions, including the F Levine and T student tests and other required tests. Results showed that companies financed through stock issuance experienced lower risk and higher returns. Hereon, this group of companies had a better performance against systematic risk and more value creation for its shareholders.