Based on the sample of A-share listed companies in China from 2010 to 2017, this paper investigates the “Maturity Mismatch” from the perspective of peer effects. The results show that there exist industry peer effects in “Maturity Mismatch”, which mainly come from competitive imitation, as shown in mechanism research, and follow the internal law before external law, as presented in characteristics study. After weakening the endogenous problem and robustness test, the above results are still robust. Further research shows that the implementation of “deleveraging” policy and the improvement of internal control level can effectively weaken the industry peer effect of “Maturity Mismatch”. The conclusion reveals the contagious characteristics of “Maturity Mismatch”, which has important regulatory implications.