This study is an empirical study regarding how the financial policies, which are represented by debt ratio, dividend policy, and ownership structure, affect the enterprise value of listed companies having different growth opportunities. It was conducted on the manufacturing companies listed in the Korean Stock Exchange from 2001 to 2011. Based on the MBE ratio, which is a variable for measuring growth opportunities, this study conducted a regression analysis by dividing the upper 40 % group with many growth opportunities and the lower 40% group with fewer growth opportunities. As a result, it was found that dividends have a significantly positive (+) effect on enterprise value regardless of growth opportunities, and insider equity has a nonlinear relationship with enterprise value. It is interesting to note that the debt ratio has a significant negative (-) relationship with enterprise value in the group having many growth opportunities, whereas in the group having fewer growth opportunities, the debt ratio has a significantly positive (+) relationship with enterprise value. We have also conducted robustness analysis by dividing groups into an upper 20% and a lower 30% based on the MBE ratio in order to increase the reliability of the research. In the analysis, although there are differences in numerical values, it shows similar results; that is, in the group having many growth opportunities, the debt ratio has a negative (-) relationship with enterprise value, whereas in the group having fewer growth opportunities, the debt ratio has a positive (+) relationship with enterprise value. Those results coincided with the research results of McConnell and Servaes (1995) which was conducted on the NYSE and AMEX-listed companies. It proves that such phenomena could be observed in newly emerging markets such as Korea.