Abstract: Different debt structures have different effects on the corporate governance and different restrictions on the benefit expropriation of controlling shareholders as well. Therefore, a modified LLSV model is proposed by introducing debt structure factors to the benefit expropriation analysis theory of controlling shareholders. Using the related data of 844 Chinese listed companies, the model was tested and verified. It is found that the long-term debt of the debt maturity structure, the non-priority debt of the debt priority structure and the public debt of the debt layout structure have obviously strong restrictions on the benefit expropriation of controlling shareholders.