中文摘要：

本文基于高阶管理理论，选用我国创业板上市公司2009-2012年间的研发数据为样本，实证检验了中小创新型企业高管团队特征对R＆D投入行为的影响。研究发现：高管团队的平均年龄与R＆D投入强度负相关，平均受教育水平、平均任期和职业经验与R＆D投入强度正相关，离职组高管持股与R＆D负相关，具有“离职效益”，而非离职组高管持股与R＆D正相关。此外，本文发现政府支持达到“刺激效应”，中小创新型企业盈利能力、政府补助与R＆D投入强度正相关，成长性与R＆D投入强度负相关。论文最终对中小创新型企业团队建设、政府监管、政府支持等方面提出了实践建议。

英文摘要：

Using listed companies of GEM board during the period of 2009-2012 as samples, and based on the high-level management theory, this paper empirically studies the relationship between top management team （TMT） characteristics and R＆D investment of the innovative SMEs. The results show that： R＆D investment is negatively correlated with TMT average age, while positively correlated with average level of education, average tenure and career experience. The leaving group executives holdings are negatively correlated with R＆D, showing ＂resignation effect＂, while the staying ones show the opposite way. This paper also finds that government subsidies can make a significant stimulating effect on the R＆D investment of innovative SMEs in China, improving their earning ability and R＆D investment, but the growth is negatively correlated with R＆D investment. Finally, we propose suggestions on SME management team development, government supervision and government supports.