Using a sample of 93 special treatment non-state-owned listed companies from 1998 to 2004,the paper empirically analyses how board's overconfident behaviors affect corporate performance.The empirical study shows that when the listed companies are specially treatedwhich shows the companies were in finance distress,some overconfident board does not change the CEO in time.This may mean the board overestimates the gain the CEO can bring to the company,but underestimates the risk.The empirical result supports that board's overconfident behaviors have negative influence on corporation performance.