This study is aimed at the discussion of the relationship between financial deleveraging objectives, optimization of the efficiency of enterprise asset allocation and reduction of entrepreneurial risk taking. Taking all A-share listed companies from 2008 to 2018 as samples, this paper introduces the intermediary variable of asset allocation for an empirical test of the relationship between financial deleveraging and entrepreneurial risk-taking level. The results show that financial deleveraging helps to optimize asset allocation, thus reducing the level of entrepreneurial risk taking. Asset allocation exerts a partial intermediary effect on the relationship between leverage and entrepreneurial risk taking. Based on a further distinction of the nature of property rights, it is found that this mechanism is more significant in non-state-owned enterprises than in state-owned enterprises. The conclusion reached above still holds true in the robustness test results.