The paper is based on the 2010—2014 China Shenzhen and Shanghai A shares of lists companies as research samples and uses a multiple regression model and an ordinary least squares method, which aims to study the influence of CEO’s characters on R&D investment. The study found: in the non state owned holding companies, CEO age, CEO education, CEO tenure and whether CEO changes have a positive effect on R&D investment, and the effect is significant. In the state owned holding companies, CEO age and tenure have a positive effect on R&D investment, CEO qualifications and whether CEO changes have a negative effect on R&D investment, but the effect is not significant. Significance of this study is from the state controlled enterprises and non state owned holding enterprise perspective, it provides a reference for senior personnel appointment based on the characteristics of CEO. The innovation of this article is: based on CEO characteristic differences between the state controlled enterprises and non state owned holding enterprises in the distinguishing analysis.