This paper is the first attempt in the literature to study the relationship between corporate governance and corporate growth. By developing an econometric model, this paper empirically studied the relationship between corporate governance and growth capability of China’s listed companies based on the panel data of 510 listed companies in Chinese manufacturing industry from the year 2001 to 2007. Main findings and contributions of this paper are as follows: ownership concentration is significantly negatively associated with growth capability; there is a significant negative relationship between equity restriction ratio and growth capability; growth capability of non-state-holding company is stronger than that of state-holding company, but this finding has no statistical significance; the stronger are debt solvency and debt financing ability, the stronger is growth capability; scale of board of directors and proportion of independent directors are significantly negatively associated with growth capability; combination of chairman of board of directors and CEO is beneficial for enhancing growth capability; management annual salary is significantly positively associated with growth capability; proportion of management shareholding has a negative relationship with growth capability, but this has no statistical significance; competition of market for corporate control and perfection degree of law basis and interest protection of medium-small investors are positively associated with growth capability, but these findings have no statistical significance; there is a significant positive relationship between product market competition and growth capability. Based on the above conclusions, this paper put forward some relevant policy recommendations from perspective of corporate governance for enhancing growth capability of Chinese listed companies.