Existing literatureson entrepreneurship mainly study entrepreneurial team’s composition，the cooperation process of team members and their impact on the performance． However，high uncertainties in new venture teams’cooperation make the governance of entrepreneurial teams extraordinarily important． This paper studies entrepreneurial team from the new perspective of governance． It proposed a theoretical framework of formal and informal governance mechanisms in the entrepreneurial team． Based on the survey data，it empirically studies the relationship between governance mechanisms and team performance，First，it proves the framework of formal and informal governance mechanisms． Second，the impact of the formal contract is found to vary in different firm stages; During the first two years，the formal contract has a weak effect on entrepreneurial team performance，while after two years its effect become significant． Third，the existing of majority ownership /absolute controlling stake in the entrepreneurial team can significantly improve team performance in the first two years，while its effect becomes insignificant after the two years． Fourth，constructive controversy in entrepreneurial team can also improve team performance． Finally，these conclusions are analyzed and the implications are discussed．