In recent years, there are more and more listed companies in the introduction of equity incentive plans include more than two equity incentive model. Taking the Ashare listed companies in Shanghai and Shenzhen stock markets, which implemented the equity incentive model portfolio plan from 2006 to 2020, as the research object, this paper empirically studies the impact of the heterogeneity of managements risk preference on the listed companies choice of equity incentive model portfolio, and then explores the moderating effect of equity structure on the relationship between the two. The results show that the greater the heterogeneity of risk preference of management, the more likely the company is to choose the portfolio of equity incentive models to match the heterogeneity of risk preference of management, so as to optimize the total level of risktaking of management. Equity structure has a significant moderating effect on the heterogeneity of management risk preference and the combination choice of equity incentive model. The increase of state-owned holding and equity concentration can weaken the positive impact of management preference heterogeneity on the portfolio selection of equity incentive model, and if the combination and the heterogeneity are matched, the overall level of management's risk-taking will be optimized, thus increasing the value of the company.