随着市场经济的不断发展，世界各国都已经认识到创新不仅可以为企业获得竞争优势，更可以为一国乃至世界经济的长远发展提供动力源泉。在我国，企业已经逐步成为国家科技创新的主体，特别是上市公司在代表企业创新能力大小等方面发挥着举足轻重的作用。我国上市公司经过二十余年的发展，创新能力得到了快速提升，但与世界发达国家相比，仍普遍存在着研发投入水平偏低的问题。而影响企业研发投入水平的因素有很多，其中高管对企业研发投入的影响尤为重要。本文通过对高管团队特征、高管激励与企业研发投入之间的关系进行了实证分析，并以此为基础提出建议与对策。 本文首先对我国总体、企业以及上市公司进行数据统计，分析其研发投入情况，总结出我国上市公司研发投入的特点；同时分析了我国上市公司高管团队特征与高管激励水平，为实证分析提供依据。其次，对高管团队特征、高管激励与企业研发投入的关系进行理论分析，并在此基础上引入高管激励作为情境因素，构建了三者之间的关系模型，为实证分析提供理论依据。再次，本文以2010-2012年上市公司的1216组有效数据为样本，选取了衡量企业研发强度、高管团队特征以及高管激励的16项指标，并以高管激励作为调节变量，构建了高管团队特征与企业研发投入之间的回归模型。 研究结果表明：（1）高管团队特征显著影响企业的研发投入，其中高管团队平均年龄、任期异质性、受教育程度异质性与企业研发强度显著负相关，高管平均受教育程度、专业背景、平均任期、年龄异质性与企业研发强度显著正相关；（2）股权激励与企业研发强度显著正相关；（3）高管激励对高管团队特征与企业研发投入之间的关系起到了显著的调节作用，其中薪酬激励与股权激励发挥了半调节作用，而晋升激励对高管团队特征与企业研发投入之间的关系发挥了纯调节作用。 最后，本文根据我国上市公司研发特征和实证结论,提出合理建构和优化高管团队结构、广泛引入高管持股的激励方式、注重高管晋升激励、提高创新成果对薪酬考核影响的重要性等对策建议。

Along with the continuous development of market economy, countries around the world have recognized the innovation can not only gain a competitive advantage, but also provide source of power for the long term development of the country and the world economy. Therefore, countries around the world coincidentally bring the level of innovation to improve the country's development strategy, so that innovation capability draws more and more attention. In our country, enterprises have gradually become the main technological innovation of the state, China's listed companies in particular plays a pivotal role in the ability to innovate on behalf of corporate size, and other aspects of improving the competitive advantage. After more than 20 years of development, listed companies in China have improved their innovation capacity rapidly. However, compared with developed countries, the problem of low levels of R&D investment still widespread. The level of R&D investment is connected with a variety of factors, the top management team affect company's R&D investment is particular important among those factors. In this paper, we use empirical methods to analyze the correlation between the two, and based on the analysis to make recommendations and countermeasures. Firstly, the paper used statistical analysis of data to analyze the R&D investment level of country as a whole, enterprises and listed companies to drawn R&D investment in China's listed companies' features; The paper also analyzed the characteristics of China's listed company executives and senior management team excitation level to provide the basis for empirical analysis. Secondly, the paper used the theoretical analysis to analyze how the characteristics of the top management team affect companies' R&D investment, and on the basis of the analysis, the paper introduced executive incentive as situational factors, the paper built the relational model between characteristics of top management team and R&D investment to provide a theoretical basis for the empirical analysis. Once again, the paper selected 1216 listed companies between 2010 and 2012 as a sample of valid data, selected the R&D intensity, twelve indicators to measure the characteristics of top management team and three indicators of executive incentive measure. The paper used the valid data of listed companies between 2010 and 2012, used executive incentive as moderator to construct a regression model between between characteristics of top management team and R&D investment. The results of this paper showed that: (1) Characteristics of top management team significantly affect the company's R&D investment. There is a strong negative correlation between average age of executives, heterogeneity term, educational level heterogeneity and the R&D intensity. The paper also found a significant positive correlation between the average education level of executives, professional background, average tenure, age heterogeneity and the R&D intensity. (2) There is a significant positive correlation between executive equity incentive and the R&D investment of company. (3) Executive incentive has played a significant role in regulating the relationship between the characteristics of top management team and the R&D investment of company, Incentive compensation and equity incentive played a semi-regulatory role, the relationship between promotion incentives on top management team characteristics and R&D investment of company played a purely regulatory role. Finally, this paper is based on R&D characteristics of Chinese listed companies and empirical conclusions. The paper made the following recommendations and suggestions: reasonable construction of top management team, optimize the structure of the top management team, widespread introduction of managerial ownership incentives, focus on executives promotion incentives, the importance of high innovative achievements affect salary assessment. The paper provided a reference for other scholars and managers.