Impacts Of Risk-taking Level On The Ownership Of “Three Types Of Shareholders”

Based on the annual data of A-share listed companies from 2013 to 2017,this paper studied the impacts of risk-taking level on the ownership of “three types of shareholders”(Fund,Asset Management Plan and Trust Plan).This paper found that risk-taking level has a significant negative impact on the level of shareholding of the ownership of three types of shareholders.The lower the level of risk-taking,the higher the shareholder ratio and the more the shareholders.Which means the three types of shareholders prefer to invest in the company that is more stable and ignore their long-term benefit.Further study found that when there is a Bull Market,the shareholding ratio of three types of shareholders significantly increased.And bull market have significant positive influence on their market risk preference.Besides,industries with high prosperity have more three types of shareholders and higher shareholding ratio.but high industry prosperity have significant negative influence on their market risk preference.Companies in the area with high level of marketization also significantly enhanced the risk preference of three types of shareholders.Generally,moderate risk-taking is regarded as beneficial to the future development of companies and is in their long-term interests.The conclusion of this paper indicates that three types of shareholders emphasize the short-term interests and make no contribution to the future development of listed companies.This finding helps us have a better understanding of three types of shareholders and has certain practical significance for government and relevant departments to guide their investment behavior.