This paper is based on the microeconomic determinants of the capital structure of companies, which have fueled a lot of works. The idea is to mix it up with macroeconomic factors, in particular financial development. We sought to assess the influences that developments in the financial market and financial intermediation in our country actually exert on the behavior of listed companies, in the light of the predictions of the trade-off and the pecking-order theories. Using secondary data from various sources, we proceeded with a time series model over the period 2000-2020. Given the serial autocorrelation of errors, we used the Prais-Winsten method, whose generalized least squares estimator solves also the problem of heteroscedasticity. Our results show that the development of the Moroccan financial market negatively influences the debt ratio of companies, as well as the soundness of the financial system. On the other hand, the rise of financial intermediation leads to an increase in the behavior of indebtedness of these.