The data of annals shows that the proformance of listed companies in Liaoning province is in the historical low point.To find the reason ，the wave of proformance data is put into analysis .Using fault examination method， the reasonable interpretion for bad proformance is found.The capital stock size ，industry distribution and mobility of right of stock are proved not the true reason for difference between performance for Liaoning listed companies and national companies.The governace of largest three stock holders is the main reason.The suggestion for improvement is given according the status of listed companies in Liaoning province and the capital market.