Taking China’s listed companies of A-share market as research objects, this paper analyzes the relationship between the debt and its structure and investment as well as their differences of the companies with different growth and different ownership types, the results show that the indebted financing decreases the investment of China’s listed companies as a whole and debt plays governance role, however, in low growth enterprises, there is no obvious negative relationship between indebted financing ratio and investment scale, and debt does not play governance role, and that debt maturity structure (short-term debt/total debt) is obviously positively related to investment scale in low growth enterprises, which indicate that the debt maturity with small proportion of short-term debt restricts excessive investment of low growth enterprises. In state-owned listed companies, the correlation between debt sources structure (bank loan/total debt) and investment is significantly positive, which reveal that bank loan can not play governance role which debt should have but intensifies excessive investment. Thus, China should address the influence of enterprises growth on their financing method choices, deepen the reform of enterprises and banks, especially, pay attention to the rationality of bank loan of state-owned enterprises and further standardize enterprise financing behavior by consolidating protection for creditor’s rights.