中文摘要：

以深圳证券交易所中小板上市的非国有控股企业为研究样本，考察了不同市场化程度下，中小企业的企业家初始财富集中度和风险厌恶程度等异质性特征对企业投资水平的影响。研究发现，中小企业的企业家异质性特征是影响企业投资水平的重要因素，随着市场化进程的加深，企业家异质性特征对企业投资水平的影响作用表现有所差异。对该问题的研究有助于更为全面的理解市场环境、企业家异质性对企业投资水平的影响，对企业家投资决策行为具有重要的借鉴意义。

英文摘要：

By analyzing the data of listed non-state-controlled SMEs in Shenzhen stock exchange, this study theoretically and empirically examines the effect of heterogeneity characters, such as SMEs entrepreneurs＇ initial concentration of wealth and risk aver- sion on firms＇ investment behaviors. We come to the following conclusions. Firstly, the heterogeneity characters are key factors which effect the investment. Secondly, the market environment moderates the association between heterogeneity characters and investment. This study enriches the research on enterprise investment and contributes to a more comprehensive understanding with the market en- vironment, entrepreneur heterogeneity and enterprises investment level.