From the perspective of internal control, with A-share listed companies in Shanghai and Shenzhen from 2008 to 2013 as samples, this paper makes an examination of the effect of management power allocation structure on the relationship between internal control and corporate value on the basis of the research of the above-mentioned relationships. What’s more, this paper makes a further analysis on the relationship between the internal control and corporate value and the influence of the executive power on them. The results show that: the improvement of internal control helps to enhance the value of the company; the executive power is too concentrated to weaken the effectiveness of internal control, and the role of internal control to enhance the value of the company is suppressed. Further study finds that compared with the state-owned listed companies, the internal control quality of the non-state-owned listed companies has improved the value of the company markedly. When the power is highly centralized, internal control cannot promote the corporate value in state-owned and non-state-owned listed companies.