Based on the resource-based theory and quantitative measurement of enterprise human capital, this study analyzes the role of compensation management mode in the process of human capital's impact on enterprise performance in 2615 listed companies from 2014 to 2017, and uses structural equation model and multi-group analysis to test the hypothesis. The results show that compensation management plays a complete mediating effect between human capital and enterprise performance. The performance of enterprises with high human capital and high salary incentive is higher than that of enterprises with low human capital and low salary incentive. This study also found that when enterprises have high human capital and low salary incentives, the performance of enterprises will even be lower than that of enterprises with low human capital and low salary incentives. This research breaks through the traditional qualitative research method of salary management and provides a new perspective for opening the "black box" in the field of strategic human resources management.