The establishment and improvement of the governance structure of China’s securities companies is an inevitable choice for securities companies to enhance their competitiveness. As a knowledge intensive enterprise，securities companies need to pay attention to the specialization and knowledge development of the leadership. The corporate governance focuses on creating a knowledge-based and learning corporate culture. At present，there are some problems in the internal governance of China’s securities companies，such as relatively centralized ownership structure，prominent state-owned nature，limited ownership structure governance mechanism，serious product homogenization and fierce competition. There are some problems in the external governance of securities companies，such as the absence of governance mechanism，the lack of manager market and so on. Accordingly，we put forward the basic ideas to improve the governance structure of securities companies. In terms of internal governance，first，increase financing channels and optimize the ownership structure；second，strengthen the governance mechanism of major state-owned shareholders and the competition in the product market；In terms of external governance，improve the independent innovation ability of external companies，strengthen the governance mechanism to adapt to economic development and form a market-oriented and reasonable independent innovation environment. At the same time，we should strengthen the constraints on the company’s personnel，optimize the manager’s salary structure，reduce delegate agent costs.