Using the economic value added （EVA） index and some other firm value evaluating variables, this paper disentangles the relations between the ownership structure and value of the finns listed at Shanghai Stock Exchange. Our results indicate that the ownership structure has significant effects on firm values. First, concentrated ownership negatively correlates with firm value. The firm with high centralized ownership structure has low earnings. Second, the rate of state-owned shares in the total shares of a firm is also significantly negatively related to firm value. But the relation between firm value and the proportion of legal-person shares in a firm is positive. Legal-person shareholders can not only motivate but also control the firm managers. They have dominant power over corporate governance of Chinese companies. Finally, the empirical findings do not fully support the positive relation between firm value and the scale of tradable shares of a firm