文献类型：期刊文献

英文题名：Do government-guided funds increase corporate risk-taking? Evidence from China

作者：Wen, Mingming[1,2];Chen, Quan[1]

机构：[1]Guangdong Ocean Univ, Sch Management, Zhanjiang 524088, Peoples R China;[2]Guangdong Coastal Econ Belt Dev Res Inst, Zhanjiang 524088, Peoples R China

年份：2026

卷号：108

外文期刊名：FINANCE RESEARCH LETTERS

收录：SSCI(收录号：WOS:001821985100001)、、WOS

基金：This article was supported by the Belt and Road Foreign Expert Innovation and Talent Exchange Project (DL2023030007L) and the project for scientific research start-up funds of Guangdong Ocean University (R20067) .

语种：英文

外文关键词：Government-guided funds; Corporate risk-taking; State ownership; Government agency exposure

外文摘要：This study examines how the investment of government-guided funds (GGFs) affects corporate risk-taking behavior in China. Using panel data of A-share listed companies from 2004 to 2024, we find that GGF investment significantly increases corporate risk-taking. Heterogeneity analyses show that this effect is concentrated among state-owned enterprises (SOEs), whereas private firms (non-SOEs) show no significant response. Further path analysis indicates that GGF investment strengthens firms' ties to government agencies, thereby encouraging greater risk-taking. Our findings indicate that GGFs influence firms' risk preferences through institutional rather than purely financial channels, thereby alleviating excessive risk aversion often observed in SOEs, where bureaucratic constraints may inhibit bold strategic choices. More broadly, this study advances understanding of how hybrid policy instruments shape corporate behavior and identifies exposure to government agencies as an important mechanism through which such interventions affect corporate strategy. These results have important implications for designing effective industrial policies in mixed economies.