The Impact Of Marketization,the Capital Structure On The Risk Taking Of Enterprises

With the establishment and development of the market economy system,the country's economic strength,scientific and technological strength and comprehensive national strength have been continuously enhanced,making it the world's second largest economy.However,from the horizontal perspective,the degree of marketization is not consistent among the provinces(cities,autonomous regions)in China,and there are great differences.Risk taking is the willingness and ability of an enterprise to pay a certain price in order to obtain a high profit.It can be used to measure the growth prospect of an enterprise and is one of the fundamental driving forces for the long-term and sustained growth of the economy.As the external environment of an enterprise,the degree of marketization will lead to different investment environments with different advantages and disadvantages.Based on the theory of institutional environment,a good external environment will promote the investment of an enterprise and thus affect its risk bearing level.In other words,the risk level of an enterprise may be affected by the marketization level of the region where the enterprise is located.In addition,the capital structure as a kind of enterprise internal governance structure,is the result of the enterprise a certain period suggests behavior,due to various reasons lead to different enterprise's capital structure is different,so different capital structure can be regarded as a enterprises choose different governance mechanism in business activities,the existing research shows that good corporate governance mechanism can improve the level of the risks of listed companies,that is,capital structure will have important influence on enterprise level of risk exposures.Furthermore,the degree of marketization determines the financing environment of an enterprise to a certain extent,thus affecting its capital structure and risk bearing level.To sum up,based on the goal of promoting China's sustained economic growth,this paper studies the relationship among marketization degree,capital structure and enterprise risk taking,which is of great practical significance.This paper takes the data of non-financial listed companies in Shanghai and shenzhen from 2008 to 2017 as the research sample,and use the method of combining theoretical analysis and empirical analysis to deduce and demonstrate.On the basis of previous scholars' research,puting forward the five hypotheses in this paper,in the empirical part through descriptive statistics,Pearson correlation analysis and regression analysis to verify hypothesis,the following conclusions:(1)the degree of marketization and enterprise riskexposure levels were positively correlated relationship:(2)the asset-liability ratio and enterprise risk exposure levels were positively correlated relationship;(3)there is a positive correlation between commercial credit financing and corporate risk taking;(4)asset-liability ratio plays a partial intermediary role in the relationship between marketization degree and enterprise risk bearing;(5)commercial credit financing plays a partial intermediary role in the relationship between marketization degree and enterprise risk degree.Finally,according to the conclusion,policy Suggestions are put forward in the hope of providing decision-making reference for market economy reform and providing basis for enterprises to optimize capital allocation.