Based on the analysis of Chinese private enterprises’ fulfillment of corporate social responsibility，this paper first constructs a theoretical model under the principal-agent framework on CSR，executive compensation and enterprise output performance from the perspective of a firm’s actual decision maker. Then it employs the 2009-2014 panel data of private listed companies to empirically test the theoretical propositions. The empirical results show that: 1） executive compensation is significantly and positively correlated with firm output performance; 2）the relationship between private enterprise corporate social responsibility and firm output performance presents "inverted U-shape"; 3）private enterprise CSR investment will significantly reduce the executive pay-performance sensitivity. This paper raises our awareness of private enterprises’ fulfilling corporate social responsibility, and is of good reference value for the further research on the motivation of private enterprises CSR fulfillment; and at the meantime，it is also a help for corporate executive compensation contract design.