Based on the sustainable growth model of enterprise finance, this paper studies the impact of equity incentive plan of real estate listed companies on financial sustainable growth by calculating Higgins financial sustainable growth rate and Corey financial sustainable growth rate, and using the panel data of listed companies. On the whole, for listed companies in the real estate industry, the results calculated by both Higgins financial sustainable growth model and Corey financial sustainable growth model show that the equity incentive plan has no significant positive impact on the financial sustainable growth rate of enterprises.