本文以公司治理理论为基础,选取了我国净资产收益率为负的79家民营上市公司进行实证分析,从民营上市公司股权结构、董事会制度以及管理激励机制三个方面,研究掣肘民营上市公司治理水平提高的原因,结果显示,我国民营上市公司的经营效率低下主要是由于股权集中度过高、董事会规模不合理、激励制度不健全造成的。并对我国民营上市公司的治理提出了一些建议。 Based on the theory of corporate governance, this paper chooses 79 private listed companies with negative return on net assets in China for empirical analysis. From the perspective of ownership structure, board system and management incentive mechanism of private listed companies, The results show that the low efficiency of private listed companies in China is mainly due to the high concentration of ownership, the unreasonable size of the board of directors and the imperfect incentive system. And put forward some suggestions on the governance of the private listed companies in our country.