我国家族企业集中创办的时期是20世纪80年代，近年来多数家族企业正面临或已进入代际传承的关键阶段。如何成功传承成为当前家族企业和学界高度关注的问题。作为企业战略目标的资源规划工具，投资策略的调整既能助力接班人权威构建，又可推动企业竞争优势提升，对传承期的可持续发展具有双重意义。然而现有研究对代际传承下家族企业投资策略调整及其对绩效影响的探讨并不多，且缺乏案例研究支撑。本文采用案例研究法，选取九洲药业作为案例公司，分析其代际传承下投资策略调整的表现以及绩效影响路径，以求为家族企业提供实践启示。

本文根据管理权传承情况将代际传承划分为二代参与管理和接收管理两个阶段，总结其代际传承特征。接班人的战略选择是影响传承效果和企业未来发展的关键，本文重点剖析接班人正式接手经营权后进行投资策略调整的动因。从投资方向和规模等方面分析整体策略，并重点关注资本投资和研发投资的变化。进一步探究代际传承下投资策略调整影响企业绩效的路径，考察投资策略调整带来的绩效变化。

研究发现，代际认知差异产生的投资偏好偏移，叠加家族企业维持延伸型社会情感财富以及接班人权威构建的的诉求，推动二代接收管理期间家族企业实施投资规模扩张策略，并强化资本投资和研发投资。投资策略调整使得产品差异化程度增强，核心竞争力提高，并且降低产品成本，进而提高了财务绩效；通过组建更高水平的团队，提升企业的创新产出，带动创新绩效增长；为补偿企业投资策略调整占用的社会和环境资源，企业会积极履行环境责任和社会责任，加强环境保护、参与社区公益，从而改善社会绩效。本文启示家族企业需制定合理的传承计划，并动态优化投资策略，进而实现代际平稳过渡与企业可持续发展。

In recent years, most family enterprises are facing or have entered the key stage of intergenerational inheritance. How to successfully inherit has become a highly concerned issue in family business and academic circles. As a resource planning tool for enterprise strategic goals, the adjustment of investment strategy can not only help build the authority of the successor, but also promote the improvement of the competitive advantage of the enterprise, which has dual significance for the sustainable development of the succession period. However, there are few studies on the adjustment of investment strategy and its impact on performance of family firms under the intergenerational inheritance, and there is a lack of case study support. This thesis adopts the case study method and selects Jiuzhou Pharmaceutical as a case company to analyze the performance of its investment strategy adjustment under the intergenerational inheritance and the performance impact path, in order to provide practical enlightenment for family enterprises.

According to the inheritance of management rights, this thesis divides the intergenerational inheritance into two stages: the second generation participation management and the receiving management, and summarizes the characteristics of the intergenerational inheritance. The strategic selection of successors is the key to the succession effect and the future development of enterprises. This thesis focuses on the motivation of investment strategy adjustment after successors officially take over the management right. Analyze the overall strategy in terms of investment direction and size, with a focus on changes in capital investment and R&D investment. This thesis further explores the way that investment strategy adjustment affects enterprise performance under the intergenerational inheritance, and examines the performance changes brought by investment strategy adjustment.

The thesis finds that the shift in investment preference caused by intergenerational cognitive differences, combined with the demands of family enterprises to maintain extended social emotional wealth and the authority construction of successors, promotes family enterprises to implement investment scale expansion strategies and strengthen capital investment and research and development investment during the second-generation management period. The adjustment of investment strategy enhances the degree of product differentiation, improves the core competitiveness, and reduces the cost of products, thus improving the financial performance; Through the establishment of a higher level of team, improve the enterprise's innovation output and drive the growth of innovation performance; In order to compensate for the social and environmental resources occupied by the adjustment of corporate investment strategies, enterprises will actively fulfill their environmental and social responsibilities, strengthen environmental protection and participate in community public welfare, so as to improve social performance. This thesis reveals that family enterprises need to make reasonable succession plans and dynamically optimize investment strategies to achieve smooth intergenerational transition and sustainable development of enterprises.

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