The modulation efficiency, at high-frequency microwave modulation, of a LiNbO3 waveguide electro-optic modulator is shown to be degraded severely, especially when it is used as a frequency translator in a Brillouin-distributed fiber-sensing system. We derive an analytical expression for this attenuation regarding the phase-velocity mismatch and the impedance mismatch during the modulation process. Theoretical results are confirmed by experimental results based on a 15 Gb/s LiNbO3 optical intensity modulator