Abstract: The governance of creditor. s rights plays the core role in the corporate governance evaluation system. This paper, on the basis of the review of literatures in China and abroad, constructs the evaluation index to measure and assess creditor's rights governance of the listed small and medium enterprises in China, and makes an empirical study on the governance situation of 205 Chinese listed SMEs from four fount dational dimensions, namely, solvency, debt financing level, assets maturity structure and debt maturity structure. And from the perspective of enterprise characteristics differences, we give group studies on the state of governance. Meanwhile, the paper matching with the growth evaluation system of listed SMEs, and makes a comprehensive and regression research on the two evaluation indices.The results show that the overall governance of creditor's rights in China is poor. There are big differences in different ownerships. The governance index and the growth index have an inverted U-shaped relationship. High solvency and low debt financing are all harm to enterprise growth, the unbalanced structure of debt and asset maturity down't impact the growth significantly. The size, quality and effective income tax rate are the most important features of influencing the governance and growth.

Key words: SMEs:governance of creditor’s rights evaluation index, growth, enterprise characteristics