By taking A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2011 to 2018 as the initial sample， this paper explores the impact mechanism of executive compensation incentive and equity concentration on the innovation and performance of manufacturing listed companies in China. And on this basis， a comparative analysis of different property rights is conducted to provide a new perspective for the high-quality development of manufacturing enterprises. The results show that compensation incentives and equity concentration have different effects on enterprise innovation and performance in terms of property rights： (1)compensation incentive has positive effects on enterprise performance and innovation input，and this phenomenon is more significant in state-owned enterprises；(2)in private enterprises，equity concentration plays a more important role in promoting enterprise performance；(3)in low-quantile private enterprises， with the increase of equity concentration， the positive effect of compensation incentive on enterprise performance is also enhanced；(4)the increase of equity concentration will inhibit the driving effect of compensation incentive on innovation input， and the inhibition degree is higher in private enterprises.