test 1004-4833 2024 39 6 62 72 article 近年来，越来越多上市公司在推出的同一期股权激励计划中同时包含两种以上股权激励模式。以2006—2020年实施股权激励模式组合计划的沪深A股上市公司为研究对象，实证研究管理层风险偏好异质性对上市公司股权激励模式组合选择行为的影响，并探究股权结构对两者关系的调节作用。研究发现:管理层风险偏好异质性越大，公司越有可能选择股权激励模式组合，以匹配管理层异质性的风险偏好，从而实现管理层风险承担总水平最优；股权结构对管理层风险偏好异质性与股权激励模式组合选择之间关系具有显著的调节效应，国有控股和股权集中度增大能够弱化管理层风险偏好异质性对股权激励模式组合选择的正向影响；股权激励模式组合能够匹配管理层风险偏好异质性，使得管理层风险承担总水平实现最优，进而提升公司价值。 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. 股权激励模式组合；管理层风险偏好异质性；产权性质；股权集中度 equity incentive model portfolio plan; heterogeneity of management's risk preference; nature of property rights; degree of equity concentration 彭纪生,李华京,王烨a,孙慧倩b http://xbbjb.nau.edu.cn/sjyjjyj/article/abstract/20240206007