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The objectives of this research were 1) to study the capital structure and firm value 2) to analyse factors determining the capital structure and 3) to analyse the effect of capital structure on firm value of Small and Medium Enterprises (SMEs) in the Thai Security Market. This research was quantitative research and focused on the population, all SMEs in the Thai Security Market or all listed companies in the Market for Alternative Investment (MAI). These SMEs or companies had complete information and conformed with the conditions of the study, total 32 companies, 160 data set. The period of the study was 5 years from 1st January 2015 to 31st December 2019. The research employed descriptive statistics and Panel Data Analysis, Random Effects and Fixed Effects. The results informed that 1) the average of total debt in the SMEs capital structure was 40% while the long-term debt was 8%. The maximum and the minimum values of total debt in the SMEs capital structure were 98% and 9% while the maximum and the minimum value of long-term debt were 90% and 0% (no long-term debt in the capital structure), respectively. For the firm value of SMEs, the average of firm values was 1,524,783, 123 Baht while the maximum and the minimum were 7,941,680,092 Baht and 139,731,722 Baht, respectively. 2) Liquidity and asset growth were the important factors determining the capital structure of SMEs in the Thai Security Market. 3) Profitability and firm size had positive effect on firm value while firm age had negative effect with the statistical significance at 0.05 level. In addition, the capital structure had no effect on firm value of SMEs in the Thai Security Market.
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