In the framework of dynamic endogeneity and on the basis of dynamic System GMM model, this paper, with 716 listed companies ranging from 2002 to 2011 as sample, studies the relationship between ownership structure and corporate performance with the consideration of three kinds of endogeneity. The research indicates that there exists dynamic endogeneity between ownership structure and corporate performance. Not only current ownership structure has a significant correlation to corporate performance, but also previous ownership structure has a significant correlation to corporate performance, and prior corporate performance has a significant feedback effect on current ownership structure. Therefore, the listed corporation can improve the corporate ownership concentration and ownership balance and reduce the proportion of management shareholding to improve corporate performance and to enhance corporate value.