Based on upper echelons perspective, this paper adopts the data of A Share listed companies from 2008 to 2014 to study the relationship among heterogeneity of top management team(TMT), earnings management and enterprise performance. It indicates that the heterogeneity of age and education level will strengthen earnings management, while the tenure heterogeneity weakens earnings management. The larger the age’s heterogeneity and the smaller the term’s heterogeneity is, the better the enterprise performance will become. The earnings management can enhance the effect of TMT heterogeneity on firm performance. After distinguishing positive and negative earnings management, this paper finds that the heterogeneity of age and education by means of positive earnings management behavior enhance the degree of earnings management, and high tenure heterogeneity by means of inhibiting positive and negative earnings management behavior weakens the degree of earnings management.