Abstract: Using China's listing Corporation 2003-2011 data, the paper analyze the relation between the debt maturity and salaries of the listed company executives according to the maturity structure of debt. The results show that: (1) the management in the Chinese listed companies will use their power to extend debt maturity at the same time improve their remuneration; (2) compared to state-owned enterprises, we conclude that the managerial entrenchment may be severe in the non-state-owned enterprises; (3) the managerial entrenchment is more severe in the company which the manager is the chairman. Thus the improvement of executive incentive and payout policy should consider the managerial entrenchment.