本文以2007-2009年披露R&D数据的我国民营上市公司为研究对象,选取高管层平均年龄、性别比例、董事长与总经理是否兼任以及管理层持股比例为解释变量,以R&D支出/主营业务收入衡量企业R&D投入强度,构建管理层特征与R&D投入绩效的模型。研究发现,高管年龄越大,企业R&D强度越小;管理层的性别多样化能促进企业R&D投入;董事长和总经理兼任有利于企业R&D投入决策;高管持股比例则与R&D强度显著正相关。 This paper takes the private listed companies that disclosed R & D data in China from 2007 to 2009 as the research object. Taking the average senior management, the sex ratio, whether the chairman and the general manager share concurrently and the management shareholding ratio as the explanatory variables, the author takes the R & D expenditure / Business revenue measures the intensity of R & D investment and builds a model of management characteristics and R & D investment performance. The research shows that the higher the senior executives are, the less the firm’s R & D intensity is. The management’s gender diversification can promote the R & D investment. The chairman and the general manager concurrently contribute to the R & D investment decision. Positive correlation.