Taking the sample data of Chinese listed companies from 2008 to 2013, this paper, from the perspective of debt governance, studies the debt financing’s effect on the investment behavior of different companies with different property rights. The result shows that whole debt financing level is negatively related with company investment, but not all kinds of debt financing can effectively curb excessive investment. Short-term loans and commercial credit both have significant debt governance effect. Long-term loans shows a strong fund support function but with no debt governance effect on investment. And the governance effect of short-term loans in state-owned holding enterprises is more effective than the one in non-state-owned holding enterprises; while long-term loans in non-state-owned holding enterprises show stronger fund support function on investment than the one in state-owned holding enterprises.