Electromechanical impedance (EMI) technology, as one of the important methods for analyzing and studying the interaction between sensors and structures, has the characteristics of clear physical meaning and high computational efficiency. However, for complex structures, it is difficult to quantitatively combine the measured impedance signal with the physical parameters of the tested structure. Therefore, establishing an appropriate EMI model is crucial to facilitate the quantitative analysis of structural health monitoring. The impedance models developed so far assume perfect adhesion between PZT and the structure, with displacement compatibility, and ignore the shear lag effect of the adhesive layer. Therefore, this research focuses on analyzing how surface-bonded PZT couples with the structure through the adhesives and conducting a shear layer analysis on two-dimensional (2-D) circular PZT to derive a closed-form solution for shear lag distribution. The shear lag effect is integrated into the 2D impedance formula. The influence of the adhesive layer on bolt loosening monitoring is studied, and it is proven that the modified EMI model can effectively predict the shear lag effect of the adhesive layer. The result of relative error analysis proves that conventional adhesive PZT also exhibits the shear lag phenomenon. The influence of different thicknesses of adhesive layers on sensor sensitivity is studied. The experimental results show that as the thickness of the adhesive layer decreases, the monitoring sensitivity of the sensor increases. Moreover, for slight bolt loosening, the thickness of the adhesive layer can affect the monitoring frequency.