The Influence of Non-Controlling Majority Shareholders ' Exit Threat on Risk-Taking—— Based on The Research of Manufacturing Industry

Under the dual background of the reform of non-tradable shares and the continuous improvement of China's capital market, the threat of withdrawal of non-controlling majority shareholders ' exit threat will convey many signals of corporate governance. This article chooses A-share listed manufacturing enterprises in China's Shanghai and Shenzhen stock markets from 2010 to 2022 as samples, and uses the method of multiple regression to find out the correlation between the exit threat of non-controlling major shareholders and the risk-taking level of enterprises. It is observed that the threat of exit by non-controlling shareholders is positively related to the level of risk-taking of the firm.Further analysis reveals that the lower the level of majority shareholder competition, the stronger the contribution of non-controlling majority shareholder exit threat to the level of corporate risk-taking. The increase in stock liquidity weakens the effect of non-controlling major shareholder exit threat on the level of corporate risk-taking. The mechanism analysis shows that the higher the non-controlling major shareholder exit threat is, the lower the financing constraints faced by the firm and the increase in agency costs, which increases the risk level of the firm.