Based on the results of our on-site interviews with and questionnaires filled up by the 212 top executive team members, this empirical study exhibits that there is significant positive correlation among psychological contract, collective innovation and team performance in top executive teams. The impact of psychological contract on team performance is exerted by the collective innovation as an intermediate variable. The Collective Innovation serves as a partial intermediate variable in the relationship between transactional psychological contract and team performance while a total intermediate variable in the relationship between the relational psychological contract and the team performance.