The transformation and optimization of energy enterprises can boost China's economic development. Studying the adjustment of the stock liquidity of energy enterprises to their capital structure will help enterprises realize their own value. Based on these, this paper explores the influence of stock liquidity on the capital structure of energy enterprises by constructing a fixed-effect step-back model based on static short-panel data, then draws the following conclusions:(1)The better the liquidity of the stock, the smaller the external financing cost of the enterprise; (2) It is more difficult for new energy enterprises to obtain equity financing, and the financing environment is worse;(3) The stock liquidity of traditional energy enterprises is more sensitive to the capital structure, and it is easier to adjust to the optimal capital structure; (4) In the field of new energy, the credit rating of enterprises with strong stock liquidity is higher, which is conducive to adjusting the capital structure through debt financing. Finally reasonable suggestions for the above conclusions are gave.