| Summary: | With the vigorous implementation of China’s economic innovation and transformation and the deepening of market-oriented reform, “innovation driven” is an important national strategy to realize China’s economic transformation and upgrading and sustainable development. This paper takes the manufacturing listed enterprises in 2009-2019 as the research sample, and selects multiple regression and hierarchical regression analysis methods to study the data of the proportion of senior executives’ shareholding, the ratio of R&D expenditure to operating income and the rate of return on total assets. This paper discusses the relationship among executive equity incentive, R&D investment and enterprise performance. The empirical results show that: executive equity incentive has a significant positive effect on R&D investment. There is a significant positive correlation between the proportion of executives’ shareholding and the growth of corporate performance; R&D investment plays a partial mediating role between executive equity incentive and firm performance.
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