Mixed Ownership Reform,Property Rights and Enterprise Risk Changes

Strengthening risk management and control in the reform of state-owned enterprises' mixed ownership system is one of the important guarantees for implementing economic restructuring. Selecting 381 sample companies listed from 2000 to 2015，the unbalanced panel empirical comparative study on the risk level of mixed and non-mixed ownership enterprises under different classification characteristics shows that the systemic risk（Beta coefficient）of the mixed ownership enterprise and financial risk（Z index）is indeed lower than that of the non-mixed ownership enterprises，but the regression results of the capital market show that the risk level of mixed-ownership state-owned holding enterprises is lower than that of general state-owned enterprises，while the risk level of mixed-ownership private holding enterprises is higher than general private enterprises，which shows that when the company shifts from non-mixed to mixed state-owned holdings，or when non-state-owned capital is introduced into state-owned enterprises，it can reduce the enterprise risks，and when the enterprise changes from non-mixed to mixed privately-controlled，or when the state-owned capital is introduced into the private enterprise，it will increase the enterprise risks. However，no matter the enterprise changes from non-mixed to mixed state-owned，or it changes to mixed privately-controlled，the enterprise risks of fluctuations in earnings will increase significantly.