It’s well known that the state debt has a serious influence on the finance sector. Giving the following notion in a more detailed way, the author analyses the dependence between the structure of the corporation’s capital and the structure of the state or municipal debt. He analyses how the structure of the state debt influences the financial markets and their structures influence the capital’s source chosen by the corporations. One of the main conclusions is that none of the changes of the elements in the state debt’s structure leads to the increase of the equity share in the general cost of the company’s capital.