The irrational investment behavior of the listed corporations can be categorized as the investment ex-ceeding one' s ability,the wrongly choice of investment and the irrational investmen t in control of the largest shareholder.The source of these lie s in the imperfection of the governan ce mechanism of the corporate.The per-fection of the governance mechanism can be realized by optimizing the sto ck ownership of the listed corporations,reorganizing the board of directors and governing all the affiliated ent erprises as a whole corporation.