Based on the theory of enterprise growth cycle and the characteristics of cash flow in each stage, this paper empirically analyzes the impact of the concentration of the ultimate controlling shareholder and the trend of checks and balances on corporate performance, taking China’s A share listed companies as samples. The results show that in the initial stage of an enterprise, improving equity checks and balances can significantly optimize performance; in the growing period of an enterprise, strengthening the concentration of equity can significantly improve returns; but in the maturity and recession periods of the enterprise, neither means has significant effects. In addition, by comparing the interaction between the nature of the ultimate controlling shareholder and the degree of equity concentration and checks and balances, it is found that the state owned nature of the enterprise will reduce the positive impact of the degree of equity concentration and checks and balances on performance.