本文通过2010—2016年A股1573家上市公司的相关数据，对创始人与企业研发投入的关系进行了实证分析。主要发现和结论是：创始人持股与企业研发投入存在显著的倒U型关系，适度的创始人持股更有利于提高企业的研发投入；创始人董事长和CEO两职合一与研发投入呈不显著的正相关关系；企业规模与企业研发投入显著负相关，小规模企业的研发投入更高；股权集中度对企业研发投入具有显著的不利影响，股权集中程度增高会导致企业研发投入的下降；高管薪酬与研发投入存在显著的正相关关系，高管薪酬激励越强，企业研发投入越高；独立董事占比与企业研发投入之间的关系不显著。

Based on the data of 1573 Chinese listed companies in 2010-2016, this paper makes an empirical analysis of the relationship between founder and R&D investment. The main conclusions and findings are: the founder shareholding has a significant inverted U-shaped relationship with R&D investment so that the moderate founder shareholding is more conducive to improving R&D investment. There is a positive correlation between the Chair-CEO duality of the founders and R&D investment, but it is not significant. The size of company is significantly negatively correlated with the R&D investment, which means mall-scale companies have higher R&D investment. The equity concentration has a significantly adverse effect on R&D. There is a significant positive correlation between executive compensation and R&D Investment that stronger incentive of executive compensation results in higher R&D investment. The relationship between the proportion of independent directors and R&D investment is not significant.