本课题拟从家族期望角度探讨私营企业的投资决策行为及成长路径，具体包括以下主要研究内容：以家族期望为分析单元，基于企业行为理论、前景理论等系统地构建一个"家族期望—投资决策—企业成长"的理论框架，并提出一系列相关假设；探索家族期望的特征表现及其形成机制，并通过社会调查等定性与定量研究方法构建家族期望的测量体系；探讨家族期望与生产性投资及非生产性投资决策之间的关系及其受制因素；分析在以非经济利益期望作为参照点的情况下家族成员与非家族成员之间的动态合约关系；探索组织能力的形成机制，并基于调查数据、上市公司资料等对家族期望、投资行为与私营企业成长之间的假设关系进行检验，进而确定影响我国私营企业成长之关键因素。本项目将家族期望纳入私营企业成长理论的分析框架，这有助于进一步丰富企业行为理论的研究成果、深化对家族企业性质的理解，并为实践工作者提供指导性建议。

This paper explores the investment decision making and the growth of private enterprises from the standpoint of family aspiration. The main content is described as the following items: First of all, this research takes family aspiration as an analyse unit. A theory framework of "family aspiration - decision making - firm growth" will be constructed systematically based on the behavior theory of the firm and prospect theory. Secondly, main factors which settle on the formation of family aspiration will be examined. Both quantitative method and qualitative method during the social survey will be applied in order to clarify the measurement system of family aspiration which can build a fertile ground for follow-up studies of family firms. Thirdly, the process of formation of family aspiration will be discussed completely. In particular, the problem of how to determine the position, amount and movement of reference point of family aspiration will be solved. Fourthly, the relationship between family aspiration and productive and non-productive investment of private firm will be tested. The restraining factors which influence the relationship between family aspiration and decision making are also inspected. Fifthly, family aspiration takes not only the form of economic interest but also the non-economic goals. The benefit of economic interest is assumed to be exclusive to non-family members. Consequently, derived from the reference point of non-economic aspiration, the dynamic contract relationships between internal family members and non-family members will be examined. Moreover, this project will explore the forming mechanism of organizational ability, furthermore, primary data will be collected through social survey and secondary data related to publicly held companies will be analyzed to test the assumed relationships between family aspiration, investment behavior and firm's growth. This project will enrich the behavior theory of the firm, in addition, it will cast deep insight on the understanding of nature of family firms and provide steering suggestions for practitioners to help them to improve competitiveness during the institution transition.