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.

摘要： 以处于代际传承时期的家族上市公司为研究样本，运用多元回归模型研究代际传承时期控制家族的长期投资政策以及创始人特征的影响。结果显示: 与进入代际传承实施期前五年相比，进入传承实施期后五年的长期投资规模显著下降，表明控制家族在代际传承时期通过调低长期投资规模降低风险，帮助企业顺利实现交接班；创始人年龄起到显著的增强作用，即创始人年龄越长，长期投资规模调低的幅度越大。可见，代际传承这一特殊阶段会影响家族企业长期投资决策，而且随创始人特征不同表现出较强的异质性。

关键词: 关键词：家族企业, 代际传承, 长期投资