Taking the 14 fund management corporations in China and their 14 Listed Open-end Fund before 2003 as the example, the paper makes an empirical study of the relationship between the governance of fund corporations and the fund performances. The research results show that regarding the characteristics of the board of directors, the scale of the board of directors is positively related to the fund performance, and there was no correlation between the proportion of independent directors or the position of general manager and the fund performance. As far as the equity structure is concerned, the fund performance is not related with the number of shareholders of fund corporations, the proportion of the shares of the fund corporations held by securities corporations, share ratio of the largest shareholder and the shareholding ratio between the first big shareholder and the second largest shareholder. Thus, the formation of larger scale of board of directors, the completion of independent directors institution, the moderate deconcentration of general manager’s power, further introduction of institutional investors, the moderate concentration of equity and the perfection of the incentive mechanism will ensure a sustainable and healthy development for fund corporations.