The influence of intergenerational succession on family business has attracted attention from all walks of life. Taking the listed family enterprises in China as the research samples, based on Resource Based View and Asset Specificity Theory, this paper empirically analyzes the influence of intergenerational succession on family enterprises acceptance of private equity investment. It is found that compared with the family enterprises that have not completed intergenerational succession, the family enterprises that have completed intergenerational succession receive significantly less private equity investment. Further research shows that the training mode of successors in intergenerational succession also has an impact on family enterprises acceptance of private equity investment. After intergenerational succession, compared with family enterprises whose successors receive internal training, family enterprises that cultivate successors with external training are more likely to accept private equity investment. The conclusion of the paper can provide empirical evidence for the arguments of the Resource Based View and Asset Specificity Theory, and provide suggestions for the family business on the training mode for their successors.