Using companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2003 to 2013，we empirically examine the impacts of going concern opinions and firm value from the perspective of corporate governance.We find that going concern opinions can effectively reduce the future firm value of financial distressed listed companies，and corporate governance can effectively reduce the probability of issuing a going concern opinion of financial distressed listed companies.However，we find that good corporate governance can weaken the negative association of going concern opinions and firm value.In addition，compared with state owned enterprises，good corporate governance weakens the negative association of going concern opinions and firm value more significantly in non state owned enterprises.Our results provide new evidence in understanding the economic consequences of going concern opinions，and offer useful reference for listed companies and investors in management and investment decision making.