This paper analyzes theoretically and empirically the correlation between ownership structure, top management team and corporate performance. Evidence shows that firms' performance is negatively and significantly correlated with the fraction of tradable A-shares, while positively and weakly correlated with the proportion of legal person shares. As to those firms controlled by the states, on one hand, some kind of ownership concentration is superior to the firms' overall value, which, on the other hand can be much more enhanced through governments' direct rather than indirect holding. Then we empirically analyze the correlation between firm performance and top management team (TMT) by investigating TMTs' demographic characteristics data drawn from surveys of 54 listed firms in Sichuan province. The pattern of results suggests a positive correlation between firms' performance and teams' mean age and mean educational level and a negative correlation when firms' performance is regressed by teams' age and educational heterogeneity. Moreover, we argue that under different ownership structure, top management team can influence firms' performance in different ways.