Based on the perspective of demographic characteristics and the upper echelons theory, taking the data of A-share listed companies in Shenzhen Stock Exchange from 2013 to 2015 as research samples, this paper makes an empirical test on the relationship among CEO characteristics, risk appetite and insider trading. Empirical results show that the age and financial background of CEO are important factors determining their risk appetite. Older CEO and CEO with financial background are more likely to be the risk averter. The greater the risk appetite of the CEO, the greater the possibility of insider trading behavior will occur. The risk appetite mediate the relationship between CEO characteristics and insider trading. The research results can help companies to regulate insider trading behavior from their own perspective, that is, the company’s appointment to CEO should take full account of the impact of age and educational background characteristics on risk appetite.