国有股权参股对民营企业风险承担水平的影响——基于上市民营企业的数据研究

风险承担是企业成功的关键，有助于提高企业的经营绩效与股东财富，但民营企业往往面临着风险承担水平不足的问题，在国家大力发展混合所有制改革的背景下，国有股权参股民营企业能否提高其风险承担水平呢？文章以2014-2019年上市民营企业为研究样本，重点考察国有股权参股是否以及如何影响民营企业的风险承担水平。研究结果表明，国有股权参股能显著提高民营企业的风险承担水平。进一步研究发现，当民营企业所处环境的政策不确定性高、参股国有股权来源于本地时，对风险承担水平的提高效果更为显著。文章的研究结论有助于深化对国有股参股及民营企业风险承担水平问题的理解与认识，为进一步推进混合所有制改革，促进民营企业可持续健康发展提供了新的理论支持与经验证据。

Impact of State-owned Equity Participation on the Risk-taking Level of Private Firms: Based on the Data of Listed Private Enterprises

Risk-taking is the key to business success and helps improve business performance and shareholder wealth, but private enterprises often face the problem of insufficient risk-taking level. In the context of the national vigorous development of mixed ownership reform, can state-owned equity participation in private enterprises improve their risk-taking level? Using a sample of listed private firms from 2014-2019, we focus on whether and how state equity participation affects private firms' risk-taking levels. The results of the study indicate that state equity participation can significantly increase the risk-taking level of private firms. Further study finds that the effect on the improvement of risk-taking level is more significant when the policy uncertainty of the environment in which the private firms are located is high and the participation of state-owned equity is locally sourced. The findings of this study help deepen the understanding and knowledge of the issue of state-owned share participation and risk-taking level of private enterprises, and provide new theoretical support and empirical evidence for further promoting mixed ownership reform and sustainable and healthy development of private enterprises.