When studying on the supervision on listed company performance manipulation, the administrator's role has been emphasized increasingly. By setting up a game model, the article analyzes the performance manipulation made by the listed company's administrator. The analysis shows that the optimal performance manipulation strategy taken by the administrator is determined by the profits obtained by China Securities Regulatory Commission (CSRC) and the prior probability of the listed company performance categories made by CSRC, while the optimal supervision strategy taken by CSRC is determined by the final profits of the listed company. Thus, it is obvious that there is a mutual guessing and influencing relationship between the listed company's administrator and CSRC. Finally, the game model constructed is further analyzed by employing it in the real cases.