Abstract: Under the high concentration degree of stockholders rights,the State-owned stock "a dominant shareholder" is the basic reason of corporate governance,establishesing "several equal-sized shareholders" structure would be advantageous to the improve the corporate governance.This article introduc's many major stockholders model,carries on complete information dynamic game,and obtains the conclusion: "several equal-sized shareholders" structure governance is not the quite ideal governance pattern,at present "a dominant shareholder" governance pattern surpasses the "several equal-sized shareholders" government pattern,the government result is not only the result of these major stockholder s mutual gambling process,but also the result of shareholdefs cultural values.In the final,some conclusions and the suggestions based on the theoretical analysis are given.

Key words: ownership structure, corporate governance, several equal-sized shareholders governance