Abstract: self-innovation is an important national strategy, and family governance is an ubiquitous and unique mechanism, but a little is known how the governance mechanism influences the strategy. R&D is the most powerful factor fostering innovative capacity, various types of R&D investments correspond to different uncertainty, appropriate return and cost, and various corporate governance mechanisms conduct different types of innovation. The paper examines how the family governance influences R&D investment, R&D investment portfolio,and investment momentum. The study, based on national sample, found family business invests less in product R&D than non-family business, but the intensity of process R&D is indifferent between the two types of business, as well as the ratio of process R&D in family business exceeds the ratio of product R&D in family business, furthermore, the larger family business facing lower utilization of capacity will increase the intensity of product R&D. the findings indicate family business will be risk avoidance only if risk is beyond some certain threshold, they keep a trade-off between risky gains and preserving SEW, and that they have a fairly high tolerance with bad performance.

Key words: process R&, D

摘要： 自主创新是重要的国家战略，家族治理是普遍又特殊的治理机制，但我们对这种治理机制对自主创新战略有何影响却所知甚少。研发投资是培育创新能力的最有影响力的因素，不同研发投资类型具有不同的不确定性、专属收益和成本，不同的治理机制从事不同的创新类型。本文考察家族治理如何影响研发投资、研发投资组合和研发投资动力。基于全国性样本数据，本研究发现家族企业的产品研发强度低于非家族企业，但过程研发强度没有显著差异，家族企业过程研发投资占投资组合的比重高于产品研发，规模越大的低开工率家族企业越会提高产品研发投资的强度。这个发现说明了家族企业研发投资的风险规避具有一定的门槛，他们选择风险收益与保持家族社会情感财富的适当组合，具有较高的差绩容忍度。