Abstract: Through literature analysis and research, this research determines four measurement scales, including the equity incentive identification degree, willingness to take risks, turnover intention and employee innovation behavior. Based on 292 employees of Company A who were granted equity incentives in Dec. 2016, a questionnaire survey was carried out to study the impact of equity incentive on innovation from the perspective of employees. The results are as follows.（1）Equity incentive could promote employees’ innovative behavior, and employees’ perception of organizational reciprocity played a major role in this process.（2）There was a significant difference in perceived degree of reciprocity between restricted stock and stock option.（3）The willingness to take risks had different mediating effects in two incentive modes. It plays a full mediating role in restricted stock and employees’ innovation behavior, a partial mediating role in stock option and creativity generation and a full mediating role in stock option and creative execution, while the mediating effect of turnover intention was not verified.