With the A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as a sample, a fixed-effects model is applied to examine the influence mechanism of CSR on corporate performance from the perspective of executive incentives. It is found that CSR provides a significant boost to corporate performance; executive compensation incentives have a significant positive moderating effect on CSR and corporate performance, while executive equity incentives, just the opposite, are negatively related to them. Further research shows that CSR has a stronger effect on the financial performance of non-SOEs than it does on SOEs. In pursuit of high-quality development, therefore, the entriprises should make sustained efforts to enhance responsibility awareness, optimize salary system and tighten equity supervision.