Abstract: This paper which is based on the perspective of enterprise life-cycle, focuses on the data from 2007 to 2012 of listed manufacturing companies, analyses the effect of total debt level, debt duration and debt source to enterprise performance among various staged of life cycle. The research results show that: debt level,long-term debt and short-term debt are negatively correlated to enterprise performance in the whole life cycle and the extent of their correlation varies in different stages. In the whole life cycle of enterprise, the negative correlation between short-term debt and enterprise performance is stronger than the long-term debt to enterprise performance.In the stages of enterprise life cycle, the bank loan are negative effects on enterprise performance, commercial credit has a positive effect on enterprise performance only in the declining period, in the other two phases are all negative effects.