In order to address the dynamic nature of executive human capital effectively， it is urgent for firms to change the traditional static equity incentive mechanism. From the perspectives of type Ⅰ agency problem and dynamic incentive compatibility， and based on the data of listed enterprises in China from 2010 to 2021， it analysed the relationship between the dynamics of executive equity incentives and firm performance， and explored the possible mediative role of R&D investment in it. The results show that the dynamics of executive equity incentives are significantly positively correlated with long-term growth performance， but there is no correlation with short-term performance； the dynamics of executive equity incentives are significantly positively correlated with R&D investment； R&D investment has a significant mediating effect on the relationship between the dynamics of executive equity incentives and the long-term performance of enterprises. The conclusions provide suggestions for optimizing the executive equity incentive mechanism of Chinese listed enterprises， effectively coping with the dynamics of human capital， promoting R&D， and promoting the transformation， upgrading and sustainable growth of enterprises.