Because of historical reasons, shares of listed companies were divided into tradable shares and non-tradable shares, which could result to serious corporate governance problem. The Split Share Structure Reform, which started from the year of 2005, is aiming to optimizing the share structure of listed company and bringing about a convergence of profit target of all the share holders. It is worth for us to examine the change of ownership structure of listed companies in mainland to see whether there is an impact on the debt maturity choice in the split share reform context. It has both theory and practice guiding significance to analyze the relationship between share structure and debt maturity because share structure is a main component of corporate governance. This paper adopts multiple linear regression models by using China mainland listed company’s data to analyze the effect of debt maturity caused by share structure. It indicates that optimization of share structure can relieve the profit conflict between major shareholders and minor shareholders, which can promote company to select debt maturity appropriately and improve listed company’s performance at last.