Market capitalization 有包括DEBT 吗？

你把market capitalization和invested capital 弄混淆了。
这是两个不同的概念。
market capitalization 指一个公司的总市值，The total market value of a company's publicly traded securities. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share.
而invested capital 才是你说的包含debt 和equity的东西。The total amount of money that was endowed into a company by the shareholders(equity), bondholders (debt) and all other interested parties.

capitalization 在不同的语境下有不同的意思，除了这两个，还可以作为“资本化”，即In accounting, it is where costs to acquire an asset are included in the price of the asset. 不计入当期费用的成本，而计入相关资产成本。

一家企业的已发行股票乘以股价,一般称为总市值。