Effective supervision of sharing bicycles is the key to the development of the sharing bicycle industry. Our data were collected through questionnaires, and then we applied the structural equation model (SEM) to measure the relationship among the evaluating indicators. The results showed that the secondorder confirmatory factor analysis model which was established for sharing bicycle supervision performance evaluation had good fitness, and the importance of the three firstlevel evaluation indicators was that parking management comes first and safety supervision comes second and supervision methods comes third. Path coefficients show that bicycle persuasion exerts the biggest influence on parking management and the next is management norms and transportation construction; bicycle quality and traffic safety play more important role on the safety supervision than buying insurance and deposit refund; industry regulations plays the most important role concerning supervision methods while the role of responsibility division of traffic accidents is relatively small. Finally, some countermeasures and suggestions to improve the performance of sharing bicycle supervision are put forward.