Abstract: Sustainable growth of small and medium sized private listed companies has become a common concern in both theory and practice circle at this stage. Based on the enterprise growth theory and double agency analysis frame, a balanced panel data of 2007~2011 China's small and medium-sized private listed companies is used in this paper, and the relationships between executive equity incentive, double agency cost and company growth are tested by empirical methods. We find that executive equity incentive indeed has a negative effect on Agency Cost I, but it can not influence Agency Cost II significantly. At the same time equity incentives can promote the growth of private listed SMEs, but this is achieved by the entire mediation effect of Agency Cost I. But the mediation effect of agency Cost II is not obvious.