As an enterprise’s strategy maker,top management team’s behaviors influence the whole company’s future and fate . Whether a top management team can make the right strategy sometimes depends on its characteristics . Based on the previous research,this paper analyzes China’s 108 real estate listed companies through regression analysis,making the conclusion that : characteristics of top management team have some effects on enterprise’s financial perfor mance,but the effects are limited;the relationship bet ween average educational level of top management teamand the enterprise’s financial perfor mance is positive;the relationship bet ween experience heterogeneity and the enterprise’s financial perfor mance is positive . The enterprise’s financial perfor mance seems not to be related to such factors as the average age of top-level managers,the heterogeneity of age and educational levels .