This study focuses on investigating the relationship between corporate capital structure and operating performance, adopting empirical regression analyses to verify the hypotheses. The research work serves as a case study for twenty-two listed LED companies in Taiwan. It retrieves the data from market observation post system of Taiwan Stock Exchange for disclosed financial reports and market price of the 3rd quarter in 2016. The finding indicates that the key corporate operating performance represents on four phases – financial structure, solvency, operating ability and profitability. The study adopts four analytical methods – profitability, stability, activity and growth force to measure corporate operating performance of twenty-two listed LED companies. Finally, the study provides analyses of SWOT and Porter’s five forces for Taiwan LED industry.