Abstract The heterogeneity of family business (FB) is defined in this study from the perspective of the behavioral theory of the firm. Using data of family business (FB) in Shanghai and Shenzhen Stock Exchange during 2007~2012 in China, the study profoundly examines the internal factors and the mechanisms of R&D investment on enterprises value. By the results, we have argued that (1) when the actual performance (ACP) in FB is lower than the aspiration performance (ASP), difference of ASP and ACP (ASP_M) is positive to the R&D investment intensity; whereas, when ACP is higher than ASP, ASP_M is negative to it; (2) the situation of ACP below ASP significantly improves the incentive effect of R&D investment on the enterprises value, whereas that of ACP above ASP weakens and even destroys the effect. The results gives us some enlightenments such as establishing the hierarchical supervision system for the listing companies, and the institutional platforms of innovation for the enterprises.
2016, Vol. 13 
