中文摘要：

多元化是战略管理领域中的一个核心议题。文章基于社会情感财富框架和企业行为理论，着重考察了家族涉入对企业多元化战略及其价值效应的影响。基于2010年363家中国民营上市制造业企业样本数据的研究发现：家族所有权对企业总体多元化和非相关多元化均具有显著的负向影响。在多元化的企业价值效应方面，家族管理权会显著减弱总体多元化和非相关多元化对企业绩效的负向影响。这样的研究结果证明了假设猜想：家族通过所有权参与更多影响的是企业的多元化决策，而家族参与管理则会更多地影响多元化战略的执行。这一研究有助于深入揭示家族涉入对企业行为的内在影响机制，有效区分不同维度家族涉入对企业战略决策及执行过程影响机制的差异。

英文摘要：

Diversifcation is a core topic in strategy management. Based on the framework of socioemotional wealth and firm behavioral theory, this study examines the impacts of family involvement exerts on corporate diversification as well as its value effect. Using a sample of 363 private listed companies in China in 2010, the empirical results implied that family ownership is negatively related to firm diversification. While, family management weakens diversification＇s negative impact on firm value, which has supported our hypotheses. At the end of this paper, we present our limitations and also provide implications for further study.