The external fairness of emolument is an important factor that affects the management behavior of company managers. Based on the emolument, revealed compulsorily, of managers of China's listed companies, and on the nature of the stock right of the company, we have studied the effect of the external fairness of emolument on company's performance. The results of our study demonstrate that there exists an obvious direct correlation between the positive extra emolument and the performance of non-state-owned enterprises, and we have not found that there exists a direct correlation between the positive extra emolument and the performance of state-owned enterprises, nor have we found that there is a relationship between the negative extra emolument and the performance of non-state-owned enterprises as well as that of state-owned enterprises. The results of our study also show that the positive extra emolument plays a role of stimulation only in non-state-owned enterprises, because the managers of state-owned enterprises attach more importance to their own political future, and that the "chastisement" role of the negative extra emolument has not been played in reality. This paper has furthered the study on stimulating company managers with emolument and offered an import foundation for the design of the emolument system for China's enterprises.