Corporate financing policies affect firm's cost of capital as well as its financial structure. Literatures related to the decision of firm's capital structure have been widely discussed. Few take firm's reputation value into consideration. In our paper, we construct an adverse selection model by taking both determinants into consideration, the costs of financial distress as well as the effect of asymmetric information - especially firm's reputation value. Three information effects are included in the corporate financing decisions, the feedback reputation effect, the signaling effect and the direct reputation effect. Both the feedback reputation effect and the signaling effect offer an alternative explanation to firm's financing choices, the pecking order. The direct reputation, on the other hand, casts a light on the puzzle concerning the timing of equity issuance.