This paper tests the effect of reform of decentralization and institutional environments on the debt maturity structure of State Owned Enterprises controlled by provincial government. The empirical results show that the reform of decentralization and local government intervention at the provincial level is positively related to the debt maturity structure and the financial development is negatively related to the debt maturity structure. Further evidence shows that the reform of decentralization at the provincial level, local government intervention and financial development are helpful for firms to get long term loans. The results show that reform of decentralization changes the impact of institutional environments on the debt maturity structure.