中文摘要：

本文研究CEO或董事长的亲缘关系对家族企业创新的影响。研究发现,CEO或董事长的亲缘关系能显著提高家族企业的创新水平,而且这种效应随着非家族CEO和董事长持股比例的增加而减弱,随着2008年强化员工保护的《劳动合同法》的实施而减弱。本文的研究结果支持创新保护和创新激励理论,即与非家族CEO和董事长相比较,家族CEO或董事长对创新失败的容忍度更高,而且能分享企业长期创新成果,进而有助于企业创新。

英文摘要：

This paper examines the effects of family CEO or chairman on corporate innovation. We find that the firms with family CEO or chairman are significantly more innovative than those with professional CEO and chairman, which becomes less pronounced when the professional CEO and chairman hold the shares and the Labor？Contract Law, which strengthens the employer and manager protection, is implemented. These results support the tolerance for early failure and reward for long-term success of innovation. Family CEO or chairman, compared with professional CEO and chairman, have more tolerance for early failure and reward for long-term success, and subsequently contribute to corporate innovation.