Under the new normal of economics, technology innovation has become a key driver of economic development. Taking the A-share listed companies in Shenzhen and Shanghai stock markets as a research sample, this paper tested the technology innovation influence mechanism on corporate performance and focused on the affected area and conditions of executive compensation contract particularly with the method of general least square. The results show that technology innovation process is dynamic, which does not necessarily improve corporate performance. Taking executive compensation contract as a moderator, further conclusion revealed that executive compensation contract played a positive role on the relationship between exploitative technology innovation and corporate performance. Unfortunately, we also found negative governance effect of executive compensation on the exploratory technology innovation economic consequence. General speaking, the governance effects of executive compensation contract are not satisfactory.