The purpose of this paper is to investigate the effects of the interrelationship between the ownership and capital structure on the corporate value using 2SLS(2 stage least squares) regression method. The samples of this study are 228 Korean listed companies on the end of the year of 2000 and the period of analysis is 4 years from 1997 to 2000. The used data sets are pooling data during the 4 years. For the 2SLS analysis, three structural equation models are applied; ownership structure equation, capital structure equation, and corporate value equation. And the control variables are included firm size, risk, firm age, profitability, fixed asset ratio, and institute ownership. The analyzed results are as follows. The results of 2SLS method suggest that (i)the ownership structure strategy and capital structure policy are interrelated. (ii)Their interdependence effects on corporate value, especially, the ownership structure has the negative effect on the corporate value. But I can not find the effect of debt ratio on the corporate value.