Abstract: The correlation between corporate governance and the values as the explained variables of performance of 40 listed high-tech companies as samples on the Shanghai and Shenzhen stock markets from 2002 to 2004 was analyzed. The results show that the distinct negative correlation is between Tobin's Q ratio and company's size, while the positive correlation is between ROE and company's size. The empirical test results for the present situation of China's listed high-tech companies were analyzed. The results reveal that the reason why the high-tech companies differ from the other conventional companies in which the ownership is separated from the control of business operations is that in high-tech companies the human capital and the intangible assets under its control make more important contribution to their values than tangible assets.