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Chinese government took a series of measures to improve monitoring afterwards after the melamine event. Against this background, this paper adopts event study methodology and finds that the stock prices of food and beverage companies have fallen sharply. However, due to the fact that the premium of good voluntary governance can bring investors a better expectation, the companies with good voluntary governance tend to be less affected by the melamine event. In the areas of better mandatory governance, stock prices have stronger reaction to the melamine event because the regulatory execution is less flexible. Accompanying with continuously strengthened external supervision, companies should implement the voluntary governance more actively to enhance the level of corporate governance and create their competitive advantages in the capital market.