Taking 113 A-share listed companies as samples that implemented the equity incentive plan in 2012 and establishing a panel model using data of 2013-2017, this paper analyses the intrinsic relationship between listed companies’ performance and equity incentive of core employees, and examines the effects of listed companies’ equity incentives. The empirical results show that the strengthening of equity incentives of core employees will have a positive effect on companies’ performance. From the perspective of incentive method, restricted stocks, which can produce relatively better equity incentive effect, is more appropriate to motivate core employees. Through analysis of subsample regression, it is found that the intensity of equity incentive of core employees shows no industry difference in promoting companies’ performance. The transition equity incentive in recent years from executives to core employees has been explained.