中文摘要：

针对高管特质在企业中的创新激励问题，本文从高管特质（特征与异质性）、风险偏好方面入手，结合不同科技类和所有制样本资料，探索其对企业的创新激励作用。实证结果显示：高管特质中的年龄、任期和教育水平有显著创新激励作用，尤其是在高科技类或非国有类企业中更明显；与已有文献不同的是：专业异质性在非科技和非国企中创新激励作用显著，任期异质性导致公司风险加剧，年龄异质性则有利于分散创新风险。公司运营中，企业创新激励和高管风险偏好呈非线性关系，而且在适中的风险偏好区间内，创新激励有一定刚性。

英文摘要：

Based on incentive effects on innovation of the different traits of the top management team, the paper hypothesizes from the traits （characteristics and heterogeneity）, and risk appetite of top management team. We combine different tech and ownership samples with the incentive effects on technological innovation. The main empirical results show age, tenure and education level of top management team have a significant role in innovation. It is more obvious in the high--tech enterprises and non--state--owned enterprises. It is different from the existing literatur that the heterogeneous in the current sample is not significant. Heterogeneity of specialty in non--tech and non--state--owned enterprises is significant. Increasing Professional and age heterogeneity can de- centralized innovation risk, but a term heterogeneity leads to the company increased risk~ Risk ap- petite and innovation investment showed a nonlinear relationship. Therefore, the technological in- novation is related to not only the traits of managers but also their risk appetites.