本研究旨在探討中國企業CEO雙元性，實用於投資活動與財務槓桿方面，對公司財務績效的影響。本文以2010年至2019年上海證券交易所與深圳證券交易所之上市公司作為研究樣本。本研究發現中國的上市企業，支持管家理論主張。在縱橫資料分析中發現投資淨現金流量率與財務槓桿對Tobin’s Q呈現顯著正向影響。當董事長兼任總經理時，投資淨現金流量率對Tobin’s Q的正向影響，大幅超越無兼任的影響程度。表示企業中董事長兼任總經理職務時，企業的核心領導權力集中，使得經營效率可以提升，並可加速進行重要的決策活動（如：投資與融資活動）的執行，有助提升經營績效。此外，運用分量迴歸分析於模型的穩健性測試中，CEO雙元性的增益效果，隨著企業的財務績效愈高，市場反應的增益效果愈大。

The purpose of this study is to investigate the impacts of investment activities and financial leverage on corporate performance under CEO duality of Chinese Business. This paper takes the listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2019 as research samples, and we find that China’s listed companies support the Stewardship theory claims. This study is conducted with Mean Difference Test, Panel- Data Regression Models. As the results show, investment cash flow rate and financial leverage have significant positive relationship with Tobin’s Q. As for CEO duality, the net investment cash flow has more significant positive relation to Tobin’s Q. It is suggested that when the ownership and management rights of enterprises are cointegrated, the implementation of decision-making will be more efficient, and managers will actively look forward to new investment plans and aim at the best interests of the company to improve the performance. In addition, the increased level of debt can also create better business performance. Finally, the research finds that under the quantile of well-performance companies, as the financial performance of the firm is higher, the gain of CEO duality in market response is greater.