Taking the data from A-share listed corporations in Shanghai and Shenzhen from 2001 to 2013 as the sample, this paper makes an empirical research on the relationship among executive tenure, R&D expenditures and enterprise investment efficiency. The results show that：R&D investment increases with the extension of executive tenure; the longer executive tenure, the more efficient enterprise investment; the more R&D expenditures，the more efficient enterprise investment；the extension of executive tenure enhances the level of the inhibition of R&D expenditures to enterprise inefficient investment; There widely exists different levels of non-efficiency investment phenomenon for listed corporations in China.