From the perspective of the position of family successor, the internal family succession process is divided into three stages: the early succession stage, the middle succession stage and the late succession stage. The paper analyses the impact of family succession process on the loan maturity structure based on the data of Chinese listed family businesses from 2007 to 2011. The results show that: (1) there is inverted "U" - type relationship between family succession process and long-term loan ratio. (2) in the early succession stage, internal family succession can promote the enterprises to obtain long-term loans, which supports the family reputation theory. With respect to the indirect family control, direct family control will strengthen the promotion role of internal family succession. (3) in the middle succession stage, the relationship between internal family succession and long-term loan ratio is not significant. (4) in the late succession stage, family succession will hinder the enterprises to obtain long-term loans and the conclusion supports the asset specificity theory. Compared with the first generation of family members serving as both chairman of the board and general manager, the second generation has more negative effects on long-term loan ratio.