企业负债融资的治理效应由于决定资本配置内在权利结构的差异性而存在不确定性。本文从全要素生产率视角研究了互联网上市公司负债融资治理效应的非线性问题。实证研究结果表明：（1）负债融资总体规模水平对全要素生产率的影响效应存在一定阶段性和条件异质性特征，这与负债融资内在结构治理效应的异质性密切相关（2）负债融资的期限结构、贷款结构与债务融资率都存在对技术进步水平、规模效率的结构耦合问题，且负债融资贷款结构凸显了对技术效率和全要素生产率影响效应的公司成长条件耦合问题（3）负债融资结构性耦合问题反映了互联网上市公司重技术效率而轻技术进步水平的成长问题。

The governance effect of corporate debt financing is uncertain due to the differences in internal capital allocation rights structure. This paper studies the nonlinear problem of governance effect of debt financing in Internet listing Corporations from the perspective of total factor productivity. Empirical study results show that: (1) The effect of the overall level of debt financing on TFP has a certain stage and condition heterogeneity characteristic and it's closely related to the heterogeneity governance effect of Corporations' internal structure. (2) There exist the structure coupling problem of debt term structure, credit structure and debt provided financing rate with the level of technological progress, scale efficiency. And debt financing structure highlights the conditions coupling problem with technical efficiency and TFP (3) The problem of debt financing structural coupling reflects the problem that Internet City company heavy technical efficiency and light on the growth of technological progress.