Abstract: Taking Chinese A-share manufacturing listed companies from 2007 to 2016 as samples,this paper uses OP method to measure the total factor productivity of enterprises,and tests the relationship between executive equity incentives and total factor productivity of enterprises.The research finds that there exists intermediary effect of technology innovation on the transmission path of executive equity incentive affecting total factor productivity. The longer the validity period of equity incentive is, the more obvious the positive impact of executive equity incentive on total factor productivity is in non-state-owned listed companies.

Key words: executive equity incentive, total factor productivity, technological innovation, manufacturing enterprises