Cascaded H-bridge converters based islanded microgrids are applied to integrate the distributed generators (DGs). The accurate load sharing is an important task for the research of microgrids. Due to the characteristics of series connection, all DGs share a single common current. In this paper, the power factor of each DG is assigned to be consistent via regulating both the frequency and voltage. The real power and reactive power are shared accurately through the power sharing coefficients under the resistance-inductance and resistance-capacitance load. Meanwhile, an excellent load voltage quality is retained. The implementation of the proposed scheme only needs the local information in decentralized manners. The AC microgrid model is developed through simulations to verify the effectiveness of the proposed scheme.