以2011-2016年中国沪深两市家族企业为样本,采用二手数据Tobit回归方法,研究了家族企业控制目标和盈利目标的实现与否对研发投入的影响.结果显示:供应商对家族企业的威胁越大,家族企业管理者为了实现控制目标越倾向于增加研发投入;家族企业管理者对盈利目标和控制目标的重视遵循注意力顺序理论,即当盈利目标未实现时,家族企业管理者更关注盈利状况,较少关注控制威胁,因此会减少研发投入;当盈利目标实现后,家族企业管理者才关注控制威胁、增加研发投入;家族企业的资源禀赋优势有助于控制目标的实现.%Based on the data of family firms listed in Shanghai and Shenzhen stock market from 2011 to 2016,this paper adopts Tobit regression method to explore the influence of control goal and profitability goal of family firms on R&D input.The result shows as follows:the greater suppliers or clients' threat to managers' control goals,the more possibility managers tend to increase R&D input;profitability goal and control goal follow a sequential attention logic in family firms,such that family firms tend to decrease R&D input though family control goal is threatened when profitability goal has not been reached,and that family firms react more strongly to increase supplier bargaining power when their profitability goal has been reached;the resource endowment advantage of family firms is helpful for the implementation of control goals.
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