Abstract: 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.

Key words: internet listed corporation, total factor productivity, conditional heterogeneity