本研究主要探討中國市場中，不同所有權身分對於風險承擔策略的影響，並進一步加入，中國特殊的政治環境—政治連結，試圖了解在公司與政治關係良好時，不同所有權身分對企業風險承擔之影響，研究期間為2008年至2014年。實證結果發現，不同所有權身分確實會對風險承擔造成影響，國有企業以及家族企業趨避風險；而國內法人與國外法人則偏好風險，而深入討論政治連結因素後，發現政治連結在不同所有權身分中扮演著不同的調節角色，尤其作用在非國有企業中，會提高公司的風險承擔，隱含若非政府主導之企業，政治連結會提高公司願意承擔風險的能力與誘因。

Using 9434 listed firms in China from 2008 to 2014, this research investigates the relationship among the identity of ownership structure, political connection and corporate risk-taking behaviors. We found strong and robust evidence that state and family (domestic legal person and foreign institutional investor) ownership are negatively (positively) related to corporate risk-taking. Moreover, reference with the factor of the political environment in China, we try to figure out whether political connection will change investment strategies of different identities. Also, our empirical result indicates that political connection plays an important role and has positive effect on corporate risk-taking in non-SOE.

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