In this paper, the hot carrier effect and device degradation of deep submicrometer SC-PMOSFETs have been measured and characterized. It has been shown that the substrate current of a 0.15$mu$m PMOSFET increases with increasing of impact ionization rate, and the impact ionization rate is a function of the gate length and gate bias voltage. Correlation between gate current and substrate current is investigated within the general framework of the lucky-electron. It is found that the impact ionization rate increases, but the device degradation is not serious with decreasing effective channel length. SCIHE is suggested as the possible phusical mechanism for enhanced impact ionization rate and gate current reduction. Considering the hot carrier induced device degradation, it has been found that the maximum supply voltage is about -2.6V for 0.15$mu$m PMOSFET.