Agency theory argues that managers should be given more equity ownership to mitigate their risk aversion．However，the upper echelons theory suggests that the demographic characteristics and the cognition of the corporate decision-making team would affect the risk taking． This paper provides a sophisticated risk taking model by incorporating agency theory and upper echelons literature． Authors empirical analysis is based on data from Chinese firms listed on the SME Board and ChiNext Board of the Shenzhen Stock Exchange． Specifically，the paper tenure heterogeneity will suppress risk taking and functional heterogeneity will promote enterprise risk taking． What’s more，contrary to agency theory，the paper that the increase in the proportion of managerial ownership will reduce risk taking． A higher managerial ownership will weaken the positive relationship between the functions heterogeneity and risk taking．