What is the meaning of Characteristic_polynomial?

The polynomial produced from a given square matrix by first subtracting the appropriate identity matrix multiplied by an indeterminant and then calculating the determinant.

A polynomial P(r) corresponding to a homogeneous, linear, ordinary differential equation P(D) y = 0 where D is a differential operator (with respect to a variable t, if y is a function of t).

Source: wiktionary.org