Stock right structure is the structural arrangement of the company ownership and resolves the effectiveness of investment and management of a company to influence the performance of the company.Special stock right structure exists in the listed companies of China and the characteristic of stock right structure is "separation of stock right".This paper uses cross section regression method to study the relationship between real stock right proportion and company performance.The regression analysis result indicates that evident inverted U shape exists in the relationship between state-owned stock proportion and company performance.Thus,when the proportion of state-owned stock is low,state-owned stock proportion is negatively related to company performance and is positively related to company performance when it is high.The proportion of legal person share and circulation share are not obviously related to company performance.