This paper combines the analysis of Upper Echelons Theory and Agent Theory and creatively establishes the interworking model of the reciprocal effect of executive-level managers and equity incentives to the corporate performance. The analysis adopts the OLS hierarchal regression approach to test the model through the variables of age, education background and duration based on the statistical sample of public companies in China(2136 public listed companies in SH&SZ during 2000 and 2010). Its findings show that: (1) the interwork between executive-level managers and equity incentive has the reciprocal effect to the corporate performance; (2) The interwork between executive’s age, education level and tenure and equity incentive has the negative, positive and positive reciprocal effect respectively.