With the rapid development of China''s economy， liquor industry has entered a period of rapid development. In order to promote the healthy and stable development of China''s liquor industry and explore a reasonable course of high-performance development of liquor enterprises， sixteen listed liquor companies in China were selected as samples. We used the ownership structures， board governance structures， senior executive incentives to represent the corporate governance structure， used roe as indicators of business performance， and then used the fuzzy qualitative comparison analysis （fsQCA） to study the effect of corporate governance structure on liquor enterprise performance. It was found that the two approaches to promote the development of high performance of liquor enterprises were "better control of equity balance and greater number of executives'' ownerships"， and "larger board of directors， greater number of executives'' ownerships and higher salaries of the top three executives"； Among them， the variable of "number of executive share-holders" represents the long-term equity incentive for senior executives， which turns out to be the key condition in the two approaches to high performance and ends up an indispensable factor for high performance of liquor enterprises.