This article selected the forestry listed company as a research object from 2004 to 2012 in China, using DEA-Malmquist method measured the efficiency governance of forestry listed companies, and the use of Panel Data model to analyze the impact of governance efficiency on company performance. The results show that: the governance efficiency of forestry corporate were quite different, governance was uneven level, the impact of corporate governance efficiency on firm performance has a positive role in promoting.