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| Impact of State-owned Equity Participation on the Risk-taking Level of Private Firms: Based on the Data of Listed Private Enterprises |
| NIU Feng, ZHANG Liuzhen, XIAO Zuoping |
| School of Accounting, Hangzhou Dianzi University |
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Abstract: Risk-taking is the key to business success and helps improve business performance and shareholder wealth, but private enterprises often face the problem of insufficient risk-taking level. In the context of the national vigorous development of mixed ownership reform, can state-owned equity participation in private enterprises improve their risk-taking level? Using a sample of listed private firms from 2014-2019, we focus on whether and how state equity participation affects private firms' risk-taking levels. The results of the study indicate that state equity participation can significantly increase the risk-taking level of private firms. Further study finds that the effect on the improvement of risk-taking level is more significant when the policy uncertainty of the environment in which the private firms are located is high and the participation of state-owned equity is locally sourced. The findings of this study help deepen the understanding and knowledge of the issue of state-owned share participation and risk-taking level of private enterprises, and provide new theoretical support and empirical evidence for further promoting mixed ownership reform and sustainable and healthy development of private enterprises.
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Received: 05 January 2022
Published: 15 September 2022
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2022, Vol. 42 
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