This study took listed the traditional industries of Taiwan as subjects. By logistic regression statistics, Against the Debts ratio for the corporate capital structure> 50%, this study constructed a Credit Risk Models. The sample data were collected during year 2000 to 2012, including 93 sample data of 14 industry categories. By Beaver (1966) 1 to 1 matching principle, selecting the similar scale of fixed assets and the same type of industry, for a total of 186 sample data analysis.According to the fingings, the main variables of corporate performance are corporate governance except cash fiow under efficient capital markets. This study thus suggests that raising cash flow of operating activities in order to increase liguidity can slove the debt interest and increase the cash flow rate per share to improve financial structure and increase investor confidence to finance; In order to enhance the corporate governance power, considering companies with seperated management and ownership could adversely affect professional capability and corporate performance. Lastly, a seperated management and ownership arrangement would reduce the probability of credit risk.