Abstract：In order to study the impact of debt governance factors on the performance of listed companies, a new research model based on the behavior of creditors and the impact of corporate debt capital structure on corporate performance is established in this paper, and sample data of Ashare listed companies from 2012—2016 is selected. The correlation between the performance impact of listed companies and the factors related to debt governance is analyzed in this paper, and the performance of companies is measured by taking ROE as the main index. We study the relationship between the assetliability ratio, longterm capitalliability ratio and operating profit margin, company size and growth ability of listed companies. We evaluate the impact on company performance from the aspects of capital structure, profitability and growth ability, with debt management as the core. The research results show that the listed company determines the reasonable scale of liabilities and capital structure according to its own actual situation, and can better improve the company's performance by utilizing the appropriate liabilities.