Taking the 2 937 A-share listed companies in the capital market from 2011 to 2018 as a sample, this paper makes a panel data model to explore the relationship between M&A goodwill and risk taking. At the same time, the paper takes the company's growth as a moderating variable to analyze its regulating effect on the relationship between goodwill and risk taking, and further expands and analyzes the differences between the three relationships under different property rights.Through the establishment of a panel data model, the paper finds that M&A goodwill can increase the level of corporate risk-taking, that is, the more the company’s M&A goodwill, the higher the corresponding level of risk-taking, corporate growth plays positive adjustment effect on the relationship between M&A goodwill and risk-taking, and in the case of distinguishing the nature of property rights, the impact of M&A goodwill in state-owned enterprises on risk-taking is more significant than that of non-state-owned enterprises.