Abstract: This paper selects A-share listed companies from 2008-2018 as a research sample, and empirically examines the relationship between R & D investment, public welfare donation and executive change. The results show that R&D investment significantly reduced the likelihood of executive change; public donations significantly inhibited the role of R& D investment in reducing the likelihood of executive change; the possibility of the mechanism of action of what R & D investment decreased executive change is mainly affected by unconventional change; the inhibition effect is more obvious in small-scale enterprises than in large-scale enterprises; and tactical donation is more obvious than strategic donation to reduce the possibility of executive change in R & D investment.