Government Quality;Nature Of Property Right;corporate Risk-taking

At the national level to create a good institutional environment for social and economic development has a crucial role(North,1981;La Porta 1998). The government’s national policy makers and practitioners, related to social public affairs and economic main body to provide services, at the same time the government organize and manage to the enterprise and supervise social affairs organization. The quality of government reflect its administrative efficiency, corruption, justice, legal norms, etc. Good institutional environment to a certain extent by the functions of the government’s effective play to safeguard, the quality of the government performance for effective play to the functions of the government. Considering the business enterprise inside was born in the system environment which is by the government provided, at the same time to obtain benefits from an investment is the powerful engine of economic growth, More enterprises choice investment project of high risk and the net present value greater than zero, enterprises make full use of the individual investment opportunity can promote the long-term development of enterprises and social economy, it can be seen that enterprises on the choice of investment decisions on risk inevitably affected by the government behavior.In emerging and transition of the economic transformation in China, the government’s role in the social arena constantly changing is important.After the tax reform, the local government put more financial and other economic resources at hand, local governments have plenty of free space in pursuit of economic development, regional resources endowment is different, the local government(officials) in the economic motives and political motives, driven by the government will be to help companies to adopt different levels of intervention and predatory means, at this time in different cities of different enterprise facing the government quality, make the enterprise faced with two different types of government behavior and the different investment environment.The local government to the enterprise out of the hand of "support" or "the hand of plunder" is how to affect the investment decision of enterprise?On the basis of reviewing and combing related literature at home and abroad, we found that academic circles about the enterprise risk-taking research focus more on the micro level, such as corporate governance mechanism and system of macro environment to the enterprise investment project risk faced by selecting the effect also be ignored.This text set about from the enterprise external political environment, the first attempt to study the government quality relationship with the company risk bearing, and examines the government quality impact on the risk of enterprises of different property rights.Based on principal-agent, information asymmetry and transaction cost and deduced the signaling theory as the basis, selected from 2006 to 2012 China a-share and shenzhen two cities listed companies as samples, this paper used data processing software stata 11, regression analysis quality of the government, the relationship between the nature of property rights and enterprise risk exposures.The results confirmed: high quality government dominant for enterprise’s support, the government will improve enterprise risk bearing level. Through to distinguish the different nature of property rights of the company, we found that compared with non-state-owned enterprises, state-owned enterprises overall risk bearing level is significantly lower. Finally, the quality of the government will reduce the risk of the state-owned enterprises and non-state-owned enterprises to undertake the level difference.