The enterprise innovation level is an important index to measure the corporate capability to survive and develop in an increasingly competitive environment. With 2012—2017 Shanghai and Shenzhen A-share non-financial insurance listed companies as a sample, a study aiming at the investigation of innovation level has been carried out to examine the impact of management compensation on the level of innovation. The research shows that management compensation incentives have a significant positive effect on corporate innovation levels. Specifically, R&D investment and R&D output are respectively measured as indicators of corporate innovation levels, which results show that management incentives have a positive impact on both of them. Further research reveals that there is no significant difference between the impact of different industries and property rights on corporate innovation input and output, while the difference between managerial ownership and non-managerial ownership makes a significant difference in the positive effect of managerial incentive on corporate innovation levels.