In this paper,we take the accrual model of Ball and Shivakumar(2005) to test the relation between the Process of markertization,the degree of separation of the ultimate control right to cash flow right and the firms' accounting conservatism using the 2004-2006 year data from A-share listed companies in China;The empirical results show that the separation index of the ultimate control right to cash flow right has some influence on the lever of firms' conservatism,but the extent of the influence is different with the change of the extent of the controlling of control shareholders.The further study has concluded that external management environment has obvious influence on the stability degree of accounting surplus.