We test the factors which affect the executive equity-based incentive levels after equity division reform, and get a different conclusion from prevenient domestic research. The equity-based incentive levels are significant negative correlation with equity concentration, the character of controlling shareholder, the proportion of independent directors and the enterprise scale. The equity-based incentive levels are non-significant negative correlation with the proportion of institutional investors and debt in the capital structure. The equity-based incentive levels are non-significant positive correlation with the company's growth, risk and market competition. This indicates that the internal control problem in China's listed companies have been some improvement after equity division reform.