关键词: 关键词：家族企业, 代际传承, 长期投资

Abstract: Abstract: Long-term investment strategy is essential part of intergenerational succession plan. Considering the overall risk in succession, controlling family tend to reduce the scale of long-term investment for the successful intergeneration succession. The empirical analysis used the data 5 years around entering into succession, demonstrated that the scale of long-term investment after is lower than before, and the thesis find that the older the founder is, the less the scale of long-term investment. We find the heterogenicity of family business’s long-term investment, that is not only the special intergeneration succession phase of family business impact it, but also the characters of founder.