中文摘要：

基于中国A 股制造业上市公司2010—2014 年数据，运用多元线性回归与层次回归相结合的方法就高管团队的年龄、任期、教育水平以及职业背景异质性对R&D 投入与企业绩效关系的调节作用进行分析，结果表明：高管团队年龄、任期、职业背景异质性对R&D 投入与企业绩效的关系均有一定的调节作用，其中年龄与任期异质性对二者的关系起负向调节作用，职业背景异质性对二者关系起正向调节作用。

英文摘要：

This study takes China’s A-share listed manufacturing firms as the research sample, selects 2010-2014 as theobservation time, based on the OLS and Hierarchical Regression method, studying the moderating effect of R&Dinvestment and firm performance by heterogeneity of TMT. The valuation results are as follows: R&D investment andfirm performance has a significant positive correlation, the heterogeneity age and tenure serve as a negative moderator,and the heterogeneity of professional serves as a positive moderator between R&D investment and firm performance.