On the basis of inconsistency of corporation governance and performance, in this paper, the authors reexamine the relation between them from systematic perspective. By building the simultaneous equations model of firm performance, corporate governance, ownership and capital structure, controlling endogenous influence, using three-stage least squares (3SLS), and analyzing statistic of listed companies between 2008 and 2010, they argue that there are no obvious evidences to indicate that current corporation governance plays an significant role in advancing firm performance. In addition, this study develops and complements previous conclusions of the relation between corporation governance and performance, which is estimated through using single formulation models.