相較於非家族企業，家族企業型II代理問題較為嚴重，因而影響家族企業的研發投資行為。本研究旨在檢視家族企業與非家族企業研究發展投資是否有所差異。此外，本研究檢視創始人是否擔任董事長與子女是否已接班對家族企業的研究發展投資之影響。本研究以2010-2015年中國上市企業為樣本，實證結果顯示，相較於家族企業，非家族企業具有較高的研發投資。相較於創始人未擔任董事長之家族企業，創始人擔任董事長之家族企業具有較高的研發投資。根據分年結果，子女有否接班對研發投資並無顯著影響。然合併年度結果顯示，相較於子女已接班之家族企業，子女未接班之家族企業具有較高的研發投資。

Compared to non-family firms, family firms have more serious type II agent problem. Thus, agency problems may affect family firms’ R&D investment decisions. The objective of this study is to examine whether the R&D investment is different between family firms and non-family firms. In addition, this study investigates whether the founder serving as the chairman and the succession affect the magnitude of R&D investment.
The sample firms are Chinese listed firms from 2010 to 2015. The empirical results show that compared with the family firms, non-family firms have more R&D investment. Compared to family firms whose founders serve as the chairman, family firms whose do not serve as the chairman have more R&D investment. According to the annual results, the succession of second generation has no significant impact on family firms’ R&D investment. However, the pooled results show that compared to family firms which second generation has succeeded, the family firms which do not succeed have more R&D investment.

王明琳、王河森與徐萌娜(2014) 利他行為能夠降低代理成本嗎? - 基於家族企業中親緣利他行為的實證研究。經濟研究，2014年第3期：頁144-157
宋麗紅(2012) 家族企業更具有長期導向嗎? - 基於家族控制與傳承意願的實際檢驗。杭州師範大學學報〔社會科學版〕，第二期：頁88-94
辛金國與吳燕蝦(2012) 家族企業的績效評價指標體系實證研究。中國管理科學，第20卷專輯：頁726-732
辛金國與吳燕蝦(2013) 家族企業績效評框架結構及指標篩選的實證研究。中國管理科學，第21卷專輯：頁527-534
汪祥耀與金一禾(2015) 家族企業代際傳承及二代推動戰略轉型的績效研究。財經論叢，第11期：頁61-70
林嬋娟與張哲嘉(2009) 董監事異常變動、家族企業與企業舞弊之關聯性。會計評論，第48期：頁1-33
周立新與黃潔(2012) 家族企業社會責任與企業績效：內部能力與外部關係的調節效應。商業經濟與管理，第5期總第247期：頁5-15
張力(2015) 家族企業聘請職業經理人的影響因素研究 – 來自家族控股上市公司的經驗證據。山西大學學报(哲學社會科學版)，第38卷第4期：頁124-130
葉銀華(1999) 家族控股集團、核心金業與報酬互動之研究 – 台灣與香港證券市場比較。管理評論，第18卷第2期：59-86
趙永杰與劉浩(2016) 基於動態能力視角的家族企業轉型升級研究。遼寧工程技術大學學報(社會科學版)，第18卷第2期：頁149-157
Adams, R., H. Almeida, and D. Ferreira. 2009. Understanding the relationship between founder-CEOs and firm performance. Journal of Empirical Finance 16(1): 136-150.
Ali, A., T. Y. Chen, and S. Radhakrishnan. 2007. Corporate disclosures by family firms. Journal of Accounting and Economics 44(1-2): 238-286.
Anderson, R. C. and D. Reeb. 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance 58(3): 1301-1328.
Anderson, R. C., S. A. Mansi, and D. M. Reeb. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68(2): 263-285.
Anderson, R. C., A. Duru, and D. M. Reeb. 2012. Investment policy in family controlled firms. Journal of Banking & Finance 36: 1744-1758
Block, J. H. 2012. R&D investments in family and founder firms: An agency perspective. Journal of Business Venturing 27: 248-265
Chen, H. L. and W. T. Hsu. 2009. Family Ownership, board independence, and R&D investment. Family Business Review 22(4): 347-362
Chen, S., X. Chen, and Q. Cheng. 2008. Do family firms provide more or less voluntary disclosure? Journal of Accounting Research 46(3): 499-536.
Chrisman, J. J., F. Frattini, J. Kotlar, A. D. Massis, and M. Nordqvist. 2016. Family governance at work: Organizing for new product development in family SMEs. Family Business Review 29(2): 189-213
Chrisman, J. J. and P. C. Patel. 2014. Risk abatement as a strategy for R&D investments in family firms. Strategic Management Journal 35: 617-627
Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58: 81-112
Frattini, F., U. Lichtenthaler, and A. D. Massis. 2012. Research on technological innovation in family firms: Present debates and future directions. Family Business Review 20(10):1–22.
Gomez-Mejia, L.R., J. T. Campbell, G. Martin, R. E. Hoskisson, M. Makri , and D. G. Sirmon. 2013. Socioemotional wealth as a mixed gamble: Revisiting family Firm R&D investments with the behavioral agency model. Family Business 38:1351-1374
Markarian, G., L. Pozza, and A. Prencipe. 2008. Earnings management in family firms: evidence from R&D cost capitalization in Italy. Family Business Review 21(1): 71-88
Munari, F., R. Oriani, and M. Sobrero. 2010. The effects of owner identity and external governance systems on R&D investments: A study of western European firms. Research Policy 39:1093-1104
Muñoz-Bullón, F. and M. J. Sanchez-Bueno. 2011. The impact of family involvement on the R&D intensity of publicly traded firms. Family Business Review 24(1): 62-70
Porta, R. L., F. Lopez-De-Silanes and A. Shleifer. 1999. Corporate ownership around the world. The Journal of Finance 54: 471-517
Patel, P. C. and J. J. Chrisman. 2013. Risk Abatement as a strategy for R&D investments in family firms. Strategic Management Journal 35(4)617-627
Villalonga, B. and R. Amit. 2006. How do family ownership, control, and management affect firm value? Journal of Financial Economics 80(2): 385-417.
Wang, D. 2006. Founding family ownership and earnings quality. Journal of Accounting Research 44: 619-656.