Gu Bin and Zhou Liye (2007) investigated 56 samples of listed companies and concluded that there was no significant change in ROE after the implementation of equity incentive, and equity incentive did not significantly improve corporate performance. Ruan Sumei and Yang Shanlin (2013) conducted an empirical study based on the balanced panel data based on the multiple linear regression model and Heckman two-stage model to test the impact of executive incentive on the performance of listed companies. The results show that the implementation of fixed incentive measures can significantly improve the performance of listed companies, but there is no significant difference in the impact of different incentive methods on corporate performance.