This paper puts four hypotheses to build the analytical framework among the service economic growth,technological advances,marketization level,service trade growth and service capital profits rate,and take advantage of the authoritative empirical statistical data from 1978～2007 to test.

The model analysis shows that when the shareholders make managerial incentive contract, they set the relation between the manager′s wage and equity capital profits rate, and it can inspire the manager to choose the management under debt, but the optimal capital structure the manager choose may deviate from the shareholders′ capital strucdture of the maximum utility.