Taking the data from 379 Chinese A share technology intensive companies in 2013~2018 years as a sample, the moderating effect of family ownership on R & D investment and CEO pay relationship is studied. The results show that: compared with non-family firms, family firms have higher correlation between CEO compensation and R&D investment level; family firms with higher family ownership ratio have stronger adjustment ability to the relationship between R&D investment and CEO compensation; there is no significant difference between low-risk and high-risk family firms in R&D investment. Therefore, family ownership plays a positive regulatory role in the relationship between R&D investment and CEO compensation, which is based on information superiority and longer investment period, rather than risk aversion. Further research shows that R&D investment of family firms is more efficient than that of non-family firms, and can be translated into higher corporate value and growth rate.