The efficiency of the listed companies, to much extent, results in that of the corporate governance, and meanwhile, whether the corporate governance is effective or not depends on the rationality of the share structure, in which large shareholders are always playing an important role. In China it is essential for security market to develop soundly. So there is not too much to emphasize the effects of the listed companies share structure on the efficiency of governance. In this paper using the methods of canonical test and synthetically grading, the authors analyze 139 Chinese listed companies, the samples of our empirical analysis, and draw conclusions that the proper degree of the share's decentralization will lead to the improvement of performance. Furthermore, both over-decentralized share and the other extreme also are propitious to the control of insiders' control and the stimulation of managers.