Renaming of listed companies has become a common phenomenon in Chinese stock market, and its impact on stock price and company performance has attracted widespread attention from securities regulators, listed companies and investors. The article first theoretically analyzes the impact of company renaming, especially the company’s renaming behaviors based on different motives such as business scope changes, mergers and acquisitions, strategic adjustments, reputation changes, and other reasons, on its stock prices and operating performance according to existing relevant research results, and puts forward corresponding research hypotheses. Then, on the basis of statistical analysis on the status of Chinese listed companies renaming and the reasons for their renaming, taking the stock price data of Chinese listed companies in the 60 trading days before and after the renaming from 2010 to 2017 as the sample, the article uses the event study method to empirically research the market price response to the renaming of listed companies. Taking the operating performance data such as ROA and EPS, financial data such as company size and financial leverage, and corporate governance data such as equity structure and board structure in the three years before and after the renaming from 2010 to 2015 as the sample, the article uses difference T test and multiple regression model to empirically research the corporate governance effect of listed company renaming. The main results are as follows. No matter what causes the renaming of listed company, it may produce significant positive excess returns in a very short time before and after the renaming, however, such positive excess returns will disappear within a short time after the renaming and even produce significant negative excess returns. Meantime, renaming of listed company may also significantly reduce its ROA and EPS within 1-3 years after the naming, and have significant negative corporate governance effect. The short-term market price reaction of companies’ renaming is strongly internal consistent with its long-term corporate governance effect. Therefore, the renaming of company is not an effective way for listed companies to improve their business performance and governance performance, and it may be difficult for investors to obtain positive excess returns in the long and short term by investing in renamed listed companies. The securities regulators should issue more detailed company renaming regulations to standardize the renaming behavior of listed companies and curb the chaos of listed companies renaming, and provide institutional guarantees for creating a good environment of Chinese stock market. When the listed company changes its name due to business scope changes, strategic adjustments, mergers and acquisitions, reputation deterioration, and other reasons, it should make correct decisions based on the actual situation of the company. Renaming may not improve the company’s operating performance and generate a positive governance effect. Investors should not blindly invest in the renamed listed company, which may not bring short-term and long-term excess returns for them by improving the company’ operating performance and producing positive governance effects. The results of the article provide a decision reference for the securities regulatory authorities to regulate the renaming behavior of listed companies, and listed companies to change their name, and investors to invest on renamed companies.