家族所有权影响企业所有者的风险偏好程度与长期目标导向,家族管理涉入则影响企业的管理资源、管理能力与家族成员的利他主义行为以及家族参与企业战略决策的过程。藉此,家族所有权与家族管理涉入分别在不同程度上影响企业R&D投入水平。本文基于社会情感财富的分析视角,并基于对家族所有权与家族管理涉入的区分进行新的拓展,以2008—2011年的634家中国家族上市公司为有效研究样本,对家族所有权、家族管理涉入这两种不同维度的家族涉入方式对企业R&D投入水平的影响进行了实证研究。研究结果表明,家族所有权会降低企业R&D投入水平,家族管理涉入则有助于提高企业R&D投入水平。中国家族企业不应一味为了保护家族社会情感财富而降低其R&D投入水平,进而损害自身的长期发展,而应当尽力采取积极的R&D投入战略,并突破其中的管理资源与管理能力约束,且须通过优化股权结构、合理配置家族管理涉入,以及加强企业治理的规范化与民主化等方式,促进其家族所有权与家族管理涉入的结构性创新。 Family ownership affects the degree of risk appetite and long-term goal orientation of business owners. Family management involvement affects the management resources of enterprises, the management ability and the altruistic behavior of family members, and the process of family involvement in strategic decision-making. As a result, family ownership and family management involved in varying degrees, affecting the level of R & D investment. Based on the analysis perspective of social emotional wealth and based on the new definition of the distinction between family ownership and family management, taking 634 Chinese family listed companies from 2008 to 2011 as effective research samples, this paper analyzes family ownership, family management The impact of the involvement of family involvement in these two different dimensions on the R & D investment level of enterprises has been empirically studied. The results show that family ownership will reduce the level of R & D investment, and family management will help improve R & D investment. Chinese family-owned enterprises should not blindly reduce their R & D investment and protect their long-term development in order to protect the emotional wealth of the family society. Instead, they should try their best to adopt a positive R & D investment strategy and break through the constraints of management resources and management capacity, Optimize ownership structure, rationally allocate family management involvement, and strengthen the standardization and democratization of corporate governance, to promote the structural innovation involved in family ownership and family management.