From the perspective of equity incentive, this paper uses the empirical data of A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2019 to explore the influence of equity incentive on enterprise financialization. The study finds that equity incentive will inhibit the financialization of enterprises on the whole. Based on the micro contract level, the greater the intensity of equity incentive, the greater the inhibition of equity incentive on enterprise financialization; Compared with restricted stock, stock option has a greater inhibition on enterprise financialization; Only the equity incentive with a long incentive period can inhibit enterprise financialization. The test of action mechanism shows that equity incentive will reduce the agency cost between shareholders and management, alleviate financing constraints, and then inhibit enterprise financialization. The research conclusion is helpful to enrich and deepen the research on the relationship between equity incentive and enterprise financialization, and also provides evidence for preventing and resolving real economic risks from the level of corporate internal governance.