Mixed Ownership Reform,Financing Constraints And Enterprise Risk Taking

The mixed ownership reform of state-owned enterprises aims to stimulate the competitiveness and innovation vitality of state-owned enterprises by introducing non-stateowned capital to realize the diversification of ownership structure.The entry of non-stateowned shareholders into soes may,on the one hand,reduce the policy burden of enterprises,and on the other hand,change the risk preference of shareholders and managers,thus affecting the level of enterprise risk taking.The change of ownership structure will also change the financing environment of enterprises to some extent.The influence of mixed ownership reform on the "resource advantage" of State-Owned enterprises has attracted the attention of scholars.Taking a-share state-owned listed companies in Shanghai and Shenzhen from 2008 to2018 as the research samples,this paper empirically tests the relationship among mixed ownership reform,financing constraints and enterprise risk taking.It is found that equity diversity and equity integration are significantly positively correlated with corporate risk taking and negatively correlated with financing constraints.The reason lies in that the reform of state-owned enterprises reduces government intervention and policy burden of state-owned enterprises,improves supervision and incentive mechanism,and thus improves managers’ willingness to take risks.The participation of non-state-owned shareholders enriches the resources of enterprises,improves the flexibility of investment decisions,and thus effectively alleviates the financing constraints of enterprises.Further research using the mediating effect model shows that financing constraints play a partial mediating role in the relationship between mixed ownership reform and enterprise risk taking,that is,the improvement of equity diversity and equity integration alleviates the financing constraints of enterprises,and then improves the level of enterprise risk taking.The results show that the reform of mixed ownership of state-owned enterprises should pay attention to the balance and integration of different types of ownership while realizing the diversification of ownership,so as to achieve the purpose of improving the governance level and innovation vitality of state-owned enterprises.The relationship between the financing constraints of state-owned enterprises and enterprise risk taking is more consistent with the resource dependence theory.Diversified and convenient financing channels contribute to the increase of the value of state-owned enterprises.