以2006~2021年中国A股上市公司为样本，考察风险承担对公司期权价值的影响。研究发现，若公司采取高风险承担战略，在业绩较好（差）时，风险承担显著增加（降低）了公司的增长（清算）期权价值。机制检验发现，风险承担通过改善（削弱）公司投资支出对投资机会的敏感性提升（降低）了增长（清算）期权价值。进一步分析发现，风险承担对增长（清算）期权价值的正面（负面）影响在高业绩增长潜力（高业绩下行风险）的企业中更显著，且后者会造成公司整体价值的降低；全面风险管理水平的提高能够加强（削弱）风险承担对增长（清算）期权价值的正面（负面）影响。

Using a sample of Chinese A-share listed firms from 2006 to 2021, this study investigates the effects of risk-taking on corporate option values based on real options theory. Empirical results demonstrate that high-risk strategies significantly increase (reduce) growth (liquidation) option values during periods of favorable (poor) performance. Mechanism analysis reveals that risk-taking enhances (reduces) growth (liquidation) option values by improving (weakening) the sensitivity of investment to opportunities. Further analyses show that the positive (negative) impact of risk-taking on growth (liquidation) option value is more pronounced among firms with high performance growth potential (high performance downside risk), with the latter diminishing firms’ overall value. In addition, the advanced enterprise risk management systems can strengthen (attenuate) the positive (negative) impacts of risk-taking on growth (liquidation) option values.