Research on the impact of the 'Double Reduction' policy on the risk-taking of educational training enterprises

In 2021, after the implementation of a series of 'Double Reduction' policy measures, educational training enterprises quickly fell into an 'industry winter,' urgently needing to find opportunities for survival from the dilemma and seek new transformations and breakthroughs. This study indicates that the Double Reduction policy has promoted the level of risk-taking by educational training enterprises under this industrial policy change. Further heterogeneity tests indicate that our findings are more pronounced in state-owned enterprises and those with less financing constraints.