Impact Of Enterprise Ownership On Risk-taking

State-owned enterprises occupy important positions in various industries and have a distinguished impact on country's economic development, therefore, its operating efficiency and enterprise value are widely concerned by society. Especially, since the financial crisis in 2009, the phenomenon that "the country advances as the people get backward" has been intensively discussed. Various factors that affecting enterprise value have been discussed by the academia from the perspective of nature of ownership. Currently, because risk-taking is correlated with business investment decisions and has significant impact on the long-term development of enterprises, business performance as well as the enhancement of enterprise value, it has been concerned by scholars. Based on this background, enterprises' risk-taking behaviors of different ownerships and its impacts on enterprise value were discussed in this study.Enterprises' risk-taking behaviors urge managers to be more diligent in order to eliminate the risk of risk- taking and obtain the benefits of risk-taking projects. By encouraging innovation, developing new markets and improving the level of enterprise management, enhancement of enterprise value would be achieved. However, whether different nature of ownerships will affect the business risk-taking behavior, and thus affects enhance corporate value are not determined. Firstly, the relevant previous studies were carried out in order to find a breakthrough and foothold of this study; secondly, the relationships of the nature of corporate ownership, risk- taking and enterprise value were analyzed, and hypothesis was proposed in this study. Finally, correlation tests, single-factor experiments and regression analyses were conducted in order to verify the relationships of the nature of corporate ownership, risk-taking and enterprise value, conclusions were made according to the results.The main conclusions are as follows:First, the nature of enterprises' ownerships has a significant impact on enterprise value, namely, the state-owned stake is negatively correlated with the enterprise value; second, the risk-taking behavior of enterprises and enterprise value are in inverted "U" shaped relation, that is within a certain range, risk-taking can enhance enterprise value, while excessive risk-taking behavior can cause the decline in the value of the enterprise; third, nature of ownership would affect enterprises' risk-taking behavior, namely, state-ownership and risk index shows a negative correlation.