Based on financial data for Chinese listed media companies between 2011 and 2016, this paper examines the relationship between liability and corporate performance and offers a structural equation model of firm performance (media business). Results reveal that debt maturity structure, managerial shareholding, long-term liability, debt/tangible assets ratio and asset-liability ratio are all key factors in firm performance (media business). Additionally, it is found that debt/tangible assets ratio, asset-liability ratio and liability-equity ratio are associated with firm performance (overall business). This paper presents a structural equation model with four influencing paths related to firm performance (media business). It sets forth suggestions for improving firm performance (media business) and capital utilization with the requirement that business managers and policymakers foster better liability management and achieve debt structure optimization.