On the basis of dual agent theory, we do research on pros and cons of the executive compensation regulation by using panel data of Chinese listed companies during 2007-2013. Then we discuss the moderate effects of governance bodies and try to find the differences between state-owned and private-owned companies. The results show that if executive payments are restricted, perk level will be inhibited, but entrenchment effect of controlling shareholders will be stimulated. In stated-owned companies, board action has a negative moderate effect on the relationship between compensation and perk, institutional investor has a negative moderate effect on the relationship between compensation and entrenchment effect. In private-owned companies, management power has a positive moderate effect on the relationship between compensation and perk. So it is necessary to weigh the pros and cons of regulation rationally and make effective use of the moderate effects of different governance bodies in order to improve the rationality of executive compensation.