Based on the perspective of intergeneration,using a panel data of Chinese A-share listed family firms from 2006 to 2014,this study examines the influence of venture capital on the growth performance of different generations of family firms and whether the influence is different under external conditions. The results show that the influence of venture cap-ital on the growth performance of founder family firms and descendant family firms are different. The negative impacts of venture capital on the growth performance of founder family firm is significantly lower than that of the later generations. Furthermore,we find that the lower the venture capital holdings,venture capital expansion and profit period into the enter-prise and enterprise at high maturity region,the negative impacts of venture capital will be alleviated,this effect is stronger in founder family firms than that of descendant family firms. The research results are helpful for the successful use of ven-ture capital financing for the founder family firms and the future generations.%基于代际传承视角,利用2006-2014 年A股上市家族企业年度数据,检验风险资本对不同代际家族企业成长绩效的影响,并进一步分析这种影响在不同外部条件下是否存在差异以及存在何种差异.结果表明,风险资本对创始家族企业和后代家族企业成长绩效的影响存在显著差异,对创始家族企业成长绩效的消极作用显著低于后代家族企业.进一步检验发现,当风险资本持股比例较低、在企业扩张期与获利期进入以及企业所在地区市场成熟度较高时,风险资本对创始家族企业成长绩效的积极作用显著高于后代家族企业.
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