Our study empirically examines the impact of non state owned shareholder governance on the level of enterprise risk taking by taking A share state owned listed enterprises as a sample. The study finds that non state owned shareholder governance can significantly improve the risk taking level of state owned enterprises, which is more obvious after the strengthening of the mixed ownership reform of state owned enterprises at the end of 2013, and more prominent in local state owned enterprises and competitive state owned enterprises. Further research shows that the impact mechanism of non state owned shareholder governance on the level of enterprise risk taking is to increase executive compensation and reduce agency costs. Further evidence shows that improving the mixed equity balance and over appointing directors can improve the level of enterprise risk taking. The results not only confirm the effect of the mixed ownership reform from the perspective of enterprise risk taking, but also provide empirical evidence and relevant suggestions for further promoting the mixed ownership reform.