随着民营经济的不断发展，家族企业在国民经济中扮演着越来越重要的角 色，但研究表明，家族企业普遍存活率不高，因此家族企业如何能健康成长成为 学者和企业家关心的问题。随着企业的转型升级,创新创业精神逐渐成为企业获 取经济增长的核心竞争力。创业导向从动态角度描述了创业的过程、决策，具有 创新性、风险承担性和超前行动性。在企业的创新发展过程中，为了降低风险， 企业会选择采取多元化经营战略。资源基础观认为，多元化是企业获得竞争优势 实施的重要战略手段。家族企业创业导向对多元化的影响同时会受社会情感财富 的制约，社会情感财富会影响家族企业的资源获取与利用，进而影响家族企业创 业导向与多元化关系，多元化程度也会进一步影响企业成长。 本文基于资源基础观理论和SEW角度，探讨了创业导向、多元化、家族所 有权涉入、家族管理权涉入以及企业成长之间的关系。在国泰安CSMAR等数据 平台搜集并筛选数据，最终共获得1445家上市家族企业作为研究样本。本文通 过理论分析和实证研究得出如下结论：（1）创业导向与家族企业成长呈倒U型 的关系，创业导向的提高会推动企业成长性上升，但当创业导向增加到一定程度 时，创业导向的进一步提升会抑制企业成长性；（2）企业多元化对创业导向和 家族企业成长的关系具有中介作用，创业导向与多元化也呈现出倒U型的关系， 创业导向越高，多元化程度越高，对企业成长越有利，当创业导向达到一定程度 时，会抑制多元化程度从而抑制企业成长；（3）家族管理权涉入程度对创业导 向与多元化的倒U型关系有显著的正向调节效应，较高的家族管理权涉入程度 加强了创业导向对多元化的正面作用，降低了创业导向对多元化的负面作用。 本文的创新点包括以下三个方面：第一，研究切入点独特。少有研究将多元 化战略作为作用路径探究创业导向对企业绩效的影响，本文结合创业战略理论， 认为具有创业导向的家族企业会对企业的战略性资源管理产生重要的影响，进而 影响企业成长；第二，研究视角新颖。将研究分析层面从企业转变为家族，是本 研究区别于以往研究的基矗本文结合SEW理论体系，从新的视角出发，并将 家族涉入分为家族所有权涉入和家族管理权涉入两个维度去探究创业导向和多 元化战略以及企业成长之间的关系；第三，力求公开数据量化分析。本文采取公 开数据实证研究方法，用财务指标对上市家族企业创业导向与企业成长问题展开 研究，在一定程度上补充了前人的研究。 关键词：创业导向；上市家族企业成长；多元化；家族所有权涉入；家族管理权 涉入 III ABSTRACT Withthecontinuousdevelopmentoftheprivateeconomy,familybusinessesplay anincreasinglyimportantroleinthenationaleconomy,butstudieshaveshownthat thegeneralsurvivalrateoffamilybusinessesisnothigh,sohowfamilybusinesses cangrowhealthilybecomesaconcernofscholarsandentrepreneurs.Withthe transformationandupgradingofenterprises,thespiritofinnovationand entrepreneurshiphasgraduallybecomethecorecompetitivenessofenterprisesto obtaineconomicgrowth.Entrepreneurialorientationdescribestheprocessand decision-makingofentrepreneurshipfromadynamicperspective.Ithasfive characteristics:innovation,advancement,autonomy,risktakingandcompetitive aggressiveness.Intheprocessofinnovationanddevelopmentofenterprises,inorder toreducerisks,enterpriseswilladoptadiversifiedbusinessstrategy.The resource-basedviewholdsthatdiversificationisastrategicbehaviorforcompaniesto gaincompetitiveadvantage.Theinfluenceoffamilybusinessentrepreneurshipon diversificationwillberestrictedbysocialemotionalwealth.Socialemotionalwealth willaffecttheacquisitionandutilizationoffamilybusinessresources,whichwill affecttherelationshipbetweenentrepreneurialorientationanddiversificationof familybusiness,andthedegreeofdiversificationwillalsoaffectbusinessgrowth. Basedontheperspectiveofresource-basedviewandsocialemotionalwealth, thispaperexplorestherelationshipbetweenentrepreneurialorientation, diversification,familyownershipinvolvement,familymanagementinvolvementand corporategrowth.ThedatawascollectedandscreenedontheCSMARdataplatform, andatotalof1,445listedfamilybusinesseswereselectedasresearchsamples.The conclusionsdrawnfromtheoreticalanalysisandempiricalresearchareasfollows:（1） theentrepreneurialorientationandthegrowthofthefamilybusinessareinainverted U-shapedrelationship.Theimprovementoftheentrepreneurialorientationwill promotethegrowthoftheenterprise.However,whentheentrepreneurialorientation isincreasedtoacertainextent,thefurtherimprovementoftheentrepreneurial orientationwillinhibitthegrowthoftheenterprise；（2）corporatediversificationhas amediatingeffectontherelationshipbetweenentrepreneurialorientationandfamily businessgrowth.Entrepreneurialorientationanddiversificationalsopresentan invertedU-typerelationship.Thehighertheentrepreneurialorientation,thehigherthe degreeofdiversification,themorefavorablethegrowthoftheenterprise.Whenthe IV entrepreneurialorientationreachesacertainlevel,itwillinhibitthedegreeof diversificationandthusinhibitthegrowthofthecompany；（3）thedegreeoffamily managementinvolvementhasasignificantpositivemoderatingeffectontheinverted U-typerelationshipbetweenentrepreneurialorientationanddiversification.The higherleveloffamilyinvolvementstrengthensthepositiveroleofentrepreneurial orientationindiversificationandreducesthenegativeeffectofentrepreneurial orientationtodiversification. Theinnovativecontributionofthispaperliesinthreeaspects:First,theresearch entrypointisunique.Fewstudieshaveuseddiversificationstrategyasapathto exploretheimpactofentrepreneurialorientationoncorporateperformance.Basedon thetheoryofentrepreneurialstrategy,thisarticlebelievesthatafamilyenterprisewith entrepreneurialorientationwillhaveanimportantimpactonthestrategicresource managementoftheenterpriseandthenaffectthegrowthoftheenterprise;Second, thispaperdeliverssomenewresearchpointsofview.Changingtheresearchand analysislevelfromtheenterprisetothefamilyisthebasisfordistinguishingthis researchfrompreviousresearch.ThisarticlecombinesthetheoreticalsystemofSEW, fromanewperspective,anddividesfamilyinvolvementintotwodimensions:family ownershipinvolvementandfamilymanagementinvolvementtoexplorethe relationshipbetweenentrepreneurialorientationanddiversificationstrategiesand corporategrowth;Third,thispaperstrivestomakepublicdataquantitativeanalysis. Thispaperadoptspublicdataempiricalresearchmethods,andusesfinancial indicatorstostudytheissuesofentrepreneurshiporientationandcorporategrowthof listedfamilycompanies,whichcomplementspreviousstudiestoacertainextent. KeyWords:EntrepreneurialOrientationGrowthofListedFamilyFirms DiversificationFamilyOwnershipInvolvementFamilyManagementInvolvement 目录 致谢.....I 摘要...II ABSTRACT....................III 第1章绪论.....................1 1.1研究背景与研究意义........................1 1.1.1研究背景....1 1.1.2研究意义....2 1.2研究内容与框架.3 1.2.1研究内容....3 1.2.2研究框架....4 1.3研究方法与创新点............................4 1.3.1研究方法....4 1.3.2创新点.......5 第2章文献综述与理论基础........................7 2.1上市家族企业的界定........................7 2.2企业成长研究综述............................9 2.2.1企业成长的概念........................9 2.2.2企业成长的测量........................9 2.3创业导向研究综述..........................10 2.3.1创业导向的概念......................10 2.3.2创业导向的测量......................10 2.3.3创业导向与企业成长的关系.....11 2.4多元化研究综述..............................12 2.4.1多元化的概念和测量...............12 2.4.2多元化与企业成长的关系........13 2.5家族涉入研究综述..........................16 2.6理论基础...........17 2.6.1战略创业理论..........................17 2.6.2社会情感财富理论...................18 第3章理论分析与假设..............................20 3.1研究假设...........20 3.1.1创业导向与企业成长...............20 3.1.2创业导向与多元化...................21 3.1.3多元化与企业成长...................22 3.1.4多元化的中介作用...................22 3.1.5家族涉入的调节作用...............23 3.2研究框架...........24 第4章实证研究设计...26 4.1样本选取与数据来源......................26 4.1.1样本选取..26 4.1.2数据来源..26 4.2变量的操作定义及测量..................26 4.2.1上市家族企业界定...................26 4.2.2被解释变量.............................27 4.2.3解释变量..27 4.2.4中介变量..28 4.2.5调节变量..28 4.2.6控制变量..28 4.3研究模型设定...29 第5章实证分析与假设检验......................32 5.1因子分析...........32 5.2描述性统计分析..............................33 5.2.1研究样本的基本情况...............33 5.2.2研究样本的描述性统计....