With A-share listed companies in Shanghai and Shenzhen from 2013 to 2017 as a sample，this paper，from the perspective of internal control， empirically tests the impact of executive change and innovation investment in China’s listed companies，further analyzes the types of executive change，the reasons for change and whether the nature of the enterprise is the influencing factor of high-tech enterprises，and reveals the mechanism of interaction among executive change， internal control quality and innovation input. The research results show that executive change inhibits internal control quality and enterprise innovation investment，and internal control quality plays a mediating role in the mechanism of executive change affecting innovation investment. Internal control plays different intermediary roles in different types of senior management change， reasons for change and whether the enterprise is a high-tech enterprise or not.To some extent，the research conclusion reveals the path that the change of executives of listed companies has an effect on innovation investment， which has practical significance for improving corporate governance and enterprise innovation investment.