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 performance, but the effects are limited; the relationship between average educational level of top management team and the enterprise's financial performance is positive; the relationship between experience heterogeneity and the enterprise's financial performance is positive. The enterprise's financial performance seems not to be related to such factors as the average age of top-level managers, the heterogeneity of age and educational levels.