By taking A-share listed companies in Shanghai and Shenzhen from 2002 to 2012 as sample, this paper empirically tests the impact of the analyst coverage on the compensation-performance sensitivity. The results show that analyst coverage significantly increases compensation-performance sensitivity and plays an important role in external supervision to a certain extent. Further study suggests that famous analyst coverage can impose a greater influence on compensation-performance sensitivity, and the influence of analyst coverage on compensation-performance sensitivity in state-owned companies can be greater than that in private companies. This research can offer incremental evidence to the research of the impact of analyst coverage on corporate governance and provide valuable reference for the improvement of compensation-incentive contract.