Abstract: By incorporating the hierarchical factors into the research framework of management age difference, this paper makes a theoretical analysis of the internal mechanism of the age-inverse relationship between superiors and subordinates which is affecting enterprise innovation, and then it makes an empirical test of the above by taking the data of Chinese listed companies from 2007 to 2016 as samples. It is found that the age-inverse relationship between the superior and the subordinate is not conducive to enterprise innovation. The related internal mechanism researches show that the lack of CEO authority is the internal reason for the establishment of the above relationship. Further research findings show that the education level of a CEO will weaken the negative effect of the age-inverse relationship on enterprise innovation level. In addition, the moderating effect of a CEO’s actual age on the influence of age-inverse relationship between the superior and the subordinate on enterprise innovation is manifested in the changing characteristics of first easing and then intensifying. Finally, both the gap in the internal executive compensation and the age of company’s establishment will intensify the negative impact of the age-inverse relationship on enterprise innovation.

Key words: age-inverse relationship between the superior and the subordinate; innovation；CEO authority