Due to the rapid expansion of enterprise scale, traditional financing methods can no longer meet the needs of enterprises. As a financing method with both equity and debt, convertible bonds, with its flexibility, is favored by enterprises. Especially in 2017, China’s supervision on the financing method of private placement of shares has become stricter, and some companies have chosen convertible bonds for financing. This paper takes the ownership structure as the starting point and the listed companies in Shanghai and Shenzhen as the research subjects, as well as uses regression analysis to determine the relationship between convertible bonds, ownership structure, and enterprise performance. It is found that convertible bonds reduce the performance of enterprises, while ownership concentration strengthens the negative relationship.