Financial Crisis in 2008 raised the debate again of whether corporate governance failure should be blamed. Lots of research has discussed the close relationships between corporate governance and risk control. However, empirical study, especially from the whole scenario of financial risk management of non-financial firm, is limited. In this article, I referred to a mature corporate governance appraisal framework CCGINK and a new corporate financial risk management system of SASAC to establish a three-layer corporate governance measurement system, including relationships between shareholders and managers, between controlling shareholders and minority shareholders and among all stakeholders, and a financial risk framework for non-financial firms. Then through multiple regression between two groups of indices, I suppose to find the answer to the question which aspects of corporate governance are able to control which elements of financial risks of non-financial firms. The research conclusion will provide pragmatic implications to policy makers and corporate executives for their regulation and management practice.