In order to investigate the relationship between financial development and adjustment speed of capital structure, this paper constructs an index reflecting regional financial development, and conducts an empirical study by using the financial data of listed companies in Shanghai and Shenzhen A shares from 2007 to 2015. The empirical results show that financial development alleviates corporate financing constraints, reduce the capital structure adjustment cost and ultimately accelerate the adjustment speed of capital structure. Therefore, the role of financial development in the adjustment of corporate capital structure has a more significant impact on financing constrained enterprises, while the nature of property rights has a significant impact on the relationship between financial development and the adjustment speed of corporate capital structure.