Equity incentive is an important institutional arrangement to solve the principal-agent problem, and how to set up equity incentive models to achieve optimal equity incentive effects has always been a widely studied topic. Since 2006, listed companies have successively granted both restricted stocks and stock options as incentive tools to their management in the same equity incentive plan, which is a combination of equity incentive models to adapt to the reality of differences in management risk preferences. This article takes the equity incentives of A-share listed companies in Shanghai and Shenzhen from 2013 to 2023 as the research sample, exploring the driving effect and mechanism of the combination of equity incentive models on the digital transformation of enterprises. The research shows that the driving effect of the combination of equity incentive models on the digital transformation of enterprises is stronger than that of the single model equity incentive. This effect is mainly reflected in the enterprises that do not combine two jobs and have high equity concentration; The combination of equity incentive models can match the heterogeneity of management's risk preference, optimize the overall risk bearing level of the enterprise, and make the combination of equity incentive models better than the single model equity incentive in driving digital transformation.