The paper investigates whether firm value would be affected by fund raising including debt financing and equity financing for the listed firms over the sample period 2008-2012. Among them, corporate bonds, convertible bonds, short-term debt, long-term debt, debt ratio, and debt amounts are as the proxies for debt financing. In addition, we include capital raised by cash, stock repurchased, retain earning, stock dividends, stock dividend converted by paid in capital, and equity increased. Several important findings are as follows. First, with respect with debt financing, it reveals that the firms issuing corporate bonds would have higher firm value, but short-term financing raised might not benefit for the firm value raised. In addition, the firms issuing convertible bonds would have negative impacts on firm value. Second, concerning equity financing, we disclose that capital raised by cash would enhance the firm value, but retain earning, stock dividend transferred by paid-in capital, and stock dividends transferred by earning might not affect firm value. However, stock dividends transferred by paid-in capital would have negative impact on firm value. In addition, the treasury stock increased would not have better firm value.