This paper examines the effects of adjustment cost and core agency problem on company adjusting its capital structure through private equity offering (PE) or seasoned equity offering (SEO). Evidences indicate that both PE company and SEO company have higher leverage deviations and the likelihood of raising equity privately or publicly increased as its leverage deviation goes high. In addition, the leverage deviation usually affects SEO's discount but the leverage adjustment scale affects PE's discount. Finally, PE may increase its core agency problem, which is possibly caused by the specific minority investors of PE.