Abstract: From perspective of property right difference of listed companies, this paper studies choice preference of stock incentive mode in both state owned holding companies and non-state owned holding companies since 2006, as well as the relationship between the implementation of stock incentive and corporate performance. Sample data, from January 1st, 2006 to June 30th, 2018, are analyzed according to Enterprise Performance Evaluation System issued by the Ministry of Finance. With the method of Factor Analysis,Logistic Analysis and Paired Samples Test being used, it is found that equity incentive model preferences are different according to different property rights, and it has different influences on the performance. With the same incentive mode, two types of state-owned companies' incentive effect are not the same. Then, the paper analyzes stock with stock options in a mixed-mode as a complement research.

Key words: property right, stock incentive mode, corporate performance