Abstract: This paper chooses the listed manufacturer firms in China as samples from 2009 to 2011, with focusing on exploring relationships between their CEO characteristics and R&D investment intensity. By analyzing the results, CEO’s career background, the relationship with government and the percentage of corporate shares CEO owns have a statically positive relationship with R&D intensity. Then, this paper concluded that: firstly, those creative CEOs who grasp opportunities for innovation and avoid investment risks, contribute to R&D investment, which promotes rapidly development of the firms; secondly, relationship with government should be paid attention to and well made use of.

Key words: Research &, Development（R&D）；R&D investment；intensity of R&D；CEO Characteristics Upper； Echelons Theory