As of 2005，There are 127 super large "family" enterprise groups in my country，A total of 520 listed companies in A shares，The market value of its circulation accounts for about 50%of the total market value of my country's stock market，The total assets and operating income of the first 500 enterprise groups at the end of the year of the year accounted for 95%and 66%of the GDP in my country。The group company has played an increasingly important role in my country's national economy。

Enterprise Group operation is China、India、Korea、A very typical feature of Asian countries such as Japan。but，In recent years, my country's corporate group has frequently occurred in the financial crisis.，such as "Three Nine Series"、"Delong Department"、"Hongyi Department" and "Green Kor" and other "family" companies and Huayuan Group，Let people start paying attention to Bet365 app download the financial risk of enterprise groups。Our research discovery，A special financing model of my country's enterprise group will lead to its debt expansion，Increase financial risks of corporate financial risks and even social risks。In view of the important position of the corporate group in the Chinese economy，Its financial risk becomes a question that cannot be ignored。

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When studying Bet365 app download the financial risk of enterprise groups，The first question I raised is，Why do Chinese companies prefer group operations? A large number of research gives different answers。Our research discovery，Relieve financing constraint is an important reason。

Popular explanation，Financing constraints refer to the company's lack of funds and have to give up good investment opportunities，or the company has to obtain funds at a higher Bet365 app download cost to achieve valuable investment phenomena。It is not developed in the capital market、In the case of imperfect legal environment，The issue of financing constraints is even more prominent。Group operation makes corporate reputation、The scale is increased，Can guarantee、Expansion of the scale of mortgage assets。These have improved the qualifications of corporate debt financing，Make it easy to obtain large -scale debt funds，so as to alleviate financing constraints，Therefore，We think，Relieve financing constraints are an important motivation for corporate group operations。For this，We can help alleviate financing constraints by checking whether the company's group operation，indirectly prove this assumption。

We chose 1178 listed companies in my country、10 accounting years (1997-2006) A total of 8,486 companies' observation samples for one year，Divided observation samples into two types of group enterprises and non -group enterprises，Then use Fazzari et al. (1988) to invest -cash flow sensitivity coefficient to measure financing constraints，Discover after returning inspection，The financing constraints of group enterprises are significantly lower than non -group enterprises (significant sensitivity to investment in cash flow)。Another，Use a dynamic analysis method，Examine the changes in financing constraints before and after enterprise groupization，It is also found that after the implementation of the group expansion，Enterprise financing constraints are significantly reduced。This shows that groupization helps to alleviate financing constraints。Groupization may be a spontaneous choice of the organizational structure when facing external financing constraints。

The group operation of Chinese enterprises has quickly enlarged debts、The characteristics of improving financial risks

Discovered in case research on Fosun Industrial Group and other related studies，The financing model of investment holding is a common phenomenon in the operation of group operations in my country。In this financing model，Enterprises can get a lot of debt funds with investment holding (mergers) -mortgage loan -investment holding model，At the same time, pyramid -type enterprise group。Look at the final result，Double expansion of the size of the enterprise and debt。This specific manifestation is complicated、Multi -level corporate group organizational structure and tortuous financing chain and debt expansion。

Except for case analysis，We analyze the same samples，It was found that it was before the group，Whether it is the asset -liability ratio and its own capital ratio that reflects long -term debt repay，The ratio of monetary funds and financial leverage coefficients reflecting short -term debt repayment capabilities，After the group operation, it has been significantly more than 1%or more。and the asset -liability ratio exceeds 50%，greatly higher than the level of less than 40%before。Financial leverage coefficients have doubled before the groupization。Decrease with the ability to repay，After the operation of the group，Proficiency ability also declines，Enterprise earnings per share are equivalent to about 65%before the group，The decline is quite significant。

After checking the income ROE volatility and Altman Z-SCORE Points, after checking it，It is found that the wave volatility of the group company is significantly higher than the non -group company，and Altman Z-score are significantly lower than non-group companies，It is confirmed that the group operation operation has significantly increased Bet365 app download the financial risk of corporate corporate and its probability of falling into the financial dilemma。Based on this，We based on the annual dynamic survey of the annual dynamic inspection of the group growth process，It also confirmed that the group operation has increased the financial risk of the enterprise。We found，In the first year after the group，Although the group business time is short，The impact of the group operation on the operation of the enterprise has not yet been fully manifested，Or due to surplus control, the volatility of income has not changed significantly，But the Z points have occurred significantly and declined significantly，The level of its average value is quickly dropped from a good range before the Group's financial status to ALTMAN research.。And after the group two years，Not only does the volatility of ROE start to gradually increase significantly，And the Z value has also further decreased significantly，Then confirmed that group operations have increased the financial risk of corporate corporate and its possibility of falling into financial dilemma，With the increase in the operation time of the group，This change will be further strengthened。

The financing model of the enterprise operation operation is an important factor affecting the improvement of financial risks

Why does the financial risk after the operation of my country's enterprise group increased? For this question，We check from the financing behavior characteristics of the enterprise group。We found，Enterprises with the characteristics of financing constraints are in group operation and after the group，tend to adopt investment holding (acquisition) — mortgage borrowing -re -acquisition -refinancing financing model。This method can help companies effectively overcome financing constraints，Establish a huge corporate empire at the same time -Enterprise Group。But the problem brought at Bet365 app download the same time is，The liability ratio increases rapidly，Financial risk amplification。

According to the requirements of the Chinese credit system，The bank borrowing of most companies needs to be mortgaged assets。The number of mortgage assets constitutes the final constraint of the scale of corporate lending。Therefore，For companies facing financing constraints，Obtaining more mortgage assets has become an important part of overcoming financing constraints。

How to get more mortgage assets? Chinese Enterprise，In particular, private enterprises generally adopt such a model: acquisition -mortgage borrowing -re -acquisition -re -mortgage borrowing ... theoretically，This cycle can continue infinitely，Until encountering external restrictions。Accompanied by this financing model is，Enterprise Group quickly formed and expands quickly，Ru Delong、Fuming System, etc.。

Our financing model for this kind of acquisition -mortgage borrowing -re -acquisition -re -mortgage loan is defined as a financing model for investment holding。(see the attached figure)

The equity structure of the enterprise group created by the investment holding financing model has pyramid characteristics: the ultimate controlling shareholder of the upper level can use relatively few capital，Control N times assets that are initially invested。Financing the role here is，Short time to form the group，The size of the group created is larger。Group's ultimate controlling shareholder formed according to this financing model，In essence, the role of financial leverage is played to the greatest extent -quickly introduced a lot of funds with a small amount of funds。and these funds are mainly from bank loans，to form a large amount of debt、High financial leverage、High financial risk。

　　Pyramid -type holding structure will further push up the financial risk of enterprise groups

La Porta, etc. (1999) Discovery，The main agency problems existing in large companies are no longer a conflict between the interests between managers and shareholders mentioned in the traditional sense，but the problem of the controlling shareholders invading the interests of small and medium shareholders，and propose corporate governance issues caused by the control of the pyramid -type equity structure and its unique equity structure。The higher the degree of separation of the two rights，The ultimate shareholder's desire to control the interests and interests is higher, the higher the。

The financing model of investment holding helps companies to alleviate financing constraints，On the other hand, the holding structure of the enterprise group's pyramid -type pyramid。According to the theory of separation of control and ownership，The more levels of the pyramid，The ultimate control of shareholders can obtain benefits，Various possible financing tools will be used to help the expansion of the pyramid empire。Analysis as earlier，Under the bank borrowing system in my country，The most convenient、The most effective financing tool is to obtain mortgage loans。The result is the debt expansion and financial risks of the enterprise group。

Due to the specific financing model of the enterprise group, it has the characteristics of rapid debt expansion and improvement of financial risks，Because the corporate group brought together a lot of social funds，The improvement of its financial risk not only affects the group's own security，also affects the financial security and economic stability of the whole society，Therefore，The financing model and financial risk of enterprise groups，You need to pay attention to，and strengthen the identification and bet365 best casino games control of financial risks of enterprise groups in practice。

(Author Unit: Renmin University of China Business School; Fujian Industrial Bank; Bank of China)