Although the governance structure of China’s p rivate listed companies has been imp roved in recent years, the financial performance has not been enhanced. Profound researches show that the number of the peop le in board of directors of p rivate listed companies is positively correlated to their financial performance and that the shareholder structure, the diligence degree of board of directors, the scale and the diligence degree of the board of supervisors, and the duty separation of chairman of the board from that of the general manager are not obviously related to enterp rise financial performance. Thus, China should imp rove management and supervision mechanism for p rivate listed companies, create good developmental environments for them, suitably enlarge the scale of board of directors and attract institutional investors.