By using upper echelons theory and fraud motivation theory, this paper uses empirical method to study the relationship between top managers' characteristics and financial fraud behavior. The samples of this research are public companies that are punished by China Securities Regulatory Commission for financial fraud and the control group. From the result we can see that age has a negative correlation on fraud behavior; scale of male top managers alse has a positive correlation on fraud behavior; and even education level has a negative correlation on fraud behavior. Finally suggestions are given based on above the research results.