Abstract: More fully emancipating and developing the productivity is the important support for the construction of a new development pattern and the transformation of economic growth mode. How to realize a higher level of labor production efficiency constitutes the key link of comprehensively deepening the reform of state-owned enterprises in the new era. Based on the quasi-natural experiment of bonus incentives reform in central government-owned enterprises (No. 148), this paper systematically explores the influence mechanism of partitioning of property right on the labor productivity of state-owned enterprises. The research shows that the partitioning of property right can stimulate the daily work enthusiasm and innovation spirit of state-owned enterprises’ employees, and strengthen their mutual supervision, so as to effectively improve the labor production efficiency of state-owned enterprises. Further research shows that the aforementioned effect are more obvious in the state-owned enterprises with better talent base, strong talent stability and fierce industry competition, which ultimately benefit the state-owned enterprises to achieve the economic goal of maintaining and increasing the value of state capital and the social and political goal of expanding employment.