Abstract: Value creation with the purpose of promoting technological innovation has become an important dimension to measure the effectiveness of corporate governance. The paper analyzes the relationship between innovation performance, executive compensation and reputation from the perspectives of value distribution and value creation by using the balanced panel data of Chinese listed companies during 2011-2014. The results show that: financial performance is positively correlated with the level of executive compensation, but it has no significant effect on executive reputation; innovation performance has obvious effects on executive compensation and reputation, but different innovation performances have different effects, that is, there is a positive relationship between radical innovation output and executive reputation and there is a positive relationship between incremental innovation output and executive compensation; property right has an obvious moderating effect on the relationships between them. Therefore, listed companies can improve innovation ability by designing executive compensation and reputation contract rationally to guide it to make effective technical innovation decision.

Key words: executive compensation, executive reputation, financial performance, ambidextrous innovation performance