Based on the background of imbalanced regional social capital and big difference in financial and legal protection, this paper uses the indicators of the growth of market intermediary organizations and legal and regulatory environment to measure the protection level of regional finance and laws, uses trust indicator as the substitutive variable of social capital, and studies the relation between regional social capital, legal protection and corporate value according to financial data of listed company A during 2005-2007. The empirical analysis shows that, in China, the higher social capital and financial and legal protection extent are, the higher a listed company value is, furthermore, social capital and legal protection are reciprocal substitution relation, in the regions with lower legal protection level, social capital has bigger influence on corporate value.