Based on the related conclusion from the inspection of data of listed corporations, this paper demonstrates the impact of stock option and restricted stock on auditing demand. Results indicate that: under bear market background, due to the pessimistic expectations on option value, stock option has the weaker corporate governance effect, which is negatively correlated with auditing demand; Meanwhile, compared to option value, restricted stock has much better corporate governance effect and higher auditing demand. When the management of listed corporation choose equity incentive, attention should be paid to the choice of incentive mode and the expected effect of option value on equity incentive.