This paper selects the data of A-share listed companies in 2010-2018 as samples to explore the impact of multiple major shareholders on the company"s performance. It is found that the existence of multiple major shareholders promotes the performance of the company, and supports the view that multiple major shareholders tend to "supervise each other" in the two aspects of "mutual supervision" and "collusion". Further research found that the existence of multiple large shareholders has a greater role in promoting the performance of state-owned companies; good internal control has a positive correlation between multiple large shareholders and the performance of the company. High quality external audit will make shareholders slack, which will weaken the positive correlation of corporate performance of many major shareholders; the complex economic transactions accompanied by high market level will also weaken this positive correlation. At last, the conclusion shows that commercial credit is the intermediary variable of the relationship between large shareholders and corporate performance.