Our conclusions are that company' s governance structure is based on its capital structure,because capita l structure determines restrain degree by investors and creditors to comp any governance;deconcentration an d con-centration of stock equity directly determine company' s operation efficiency.While company have a relative con-centrated stock equity structure,c ompany can exert best governance mechanism,so company could have higher governance efficiency.In addition,we also can not ignore the establishm ent and improvement of company' s internal control systems.