家族企业代际传承中的跨代创业与创新投资行为研究
Research on Cross-Generation Entrepreneurship and Innovation Investment Behavior in the Succession of Family Firm

本文基于A股上市家族企业的数据，将跨代创业与创新投资作为研究对象。本文首先在简要分析跨代创业和创新投资模式及其利弊的基础上，然后重点剖析了家族企业跨代创业和创新投资现存的问题及其原因，研究发现家族企业存在跨代创业比例不高、跨代创业持续性不足以及跨代创业形式单一的问题，而创新投资存在投资强度总体不足、部分家族企业对研发创新投入意愿不足以及二代继任后的创新投资强度显著下降等问题。最后本文从家族企业内部视角和外部政策制度环境视角提出了改善家族企业跨代创业和创新投资行为的相关措施。
Based on the data of A-share listed family firms, this paper takes cross-generation entrepreneurship and innovation investment as the research object. Briefly analyzing the inter-generational entrepreneurship and innovation investment model and its advantages and disadvantages, this paper focuses on analyzing the existing problems and causes of inter-generational entrepreneurship and innovation investment in family firms. The results show that family firms have problems such as low proportion of inter-generational entrepreneurship, insufficient continuity of inter-generational entrepreneurship and single inter-generational entrepreneurship form. However, there are some problems in innovation investment, such as insufficient investment intensity, insufficient willingness of some family firms to invest in R&D innovation, and significant decline of innovation investment intensity after the second generation. Finally, this paper puts forward some measures to improve cross-generation entrepreneurship and innovation investment behavior of family firms from the perspective of corporate factor and external policy and institutional environment.