Mixed Ownership Reform,Risk-Taking And Firm Value

Since the founding of the People’s Republic of China,state-owned enterprises have been an important force in the development of national economy.The survival of state-owned enterprises is related to the stable operation and high-quality development of the entire national economy.However,with the continuous development of China’s economic system,some disadvantages of state-owned enterprises have emerged.For example,low operating efficiency,large loss of collateral efficiency,heavy policy burdens,insufficient investment efficiency and motivation,imperfect corporate governance mechanism,and enterprise financial difficulties due to poor management.In order to strengthen and stabilize the status and competitiveness of state-owned enterprises,it is of great significance to carry out mixed ownership reforms.Based on this,this paper will explore the impact of mixed ownership reform of state-owned enterprises on corporate value,and further analyze whether corporate risk-taking has an intermediary effect.First of all,this paper reviews and summarizes the existing literature.It is found that existing studies generally focus on whether state-owned enterprises should be privatized.The research on mixed equity focuses on the perspectives of equity concentration or equity balance,while the nature of equity and different types of share balance lack of in-depth discussion.The research of state-owned enterprise mixed reform and enterprise value based on the perspective of the intermediary role of enterprise risk-taking has not been seen.Therefore,this paper uses 2008-2018 Shanghai and Shenzhen A-share listed state-owned enterprises data,adopts mixed balance degree to reflect the degree of state-owned enterprise mixed reform,and empirically tests the impact of mixed ownership reform on corporate value.It also considers the intermediary role of risk-taking,and explores the relationship between the mixed reform of state-owned enterprises,risk-taking and enterprise value.In the empirical part,this paper verifies the impact of mixed ownership reform on corporate value and risk-taking,and the impact of corporate risk-taking on corporate value through the established multiple regression model.The intermediary role of corporate risktaking is verified through hierarchical regression analysis.In the further analysis,the samples are grouped and tested according to the external institutional environment to explore the impact of mixed ownership reform on risk-taking in different institutional environments and the mediating role of corporate risk-taking levels in different institutional environments between mixed ownership reform and enterprise value.The study finds that:1.There is a significant positive correlation between the mixed reform of state-owned enterprises and corporate value,indicating that mixed ownership reform can help enhance corporate value.2.State-owned enterprises’ mixed reforms have significant positive correlations with risktaking,risk-taking and enterprise value,which shows that the reform of mixed-ownership can help improve the level of enterprise risk-taking,and increasing the level of enterprise risk-taking can increase enterprise value.According to the analysis of the hierarchical regression analysis method,risk-taking is part of the intermediary variables that affect the value of enterprises due to the mixed reform of state-owned enterprises.In regions with poor external institutional environments,the intermediary effect of corporate risk-taking on mixed ownership reform and corporate value is not significant.