关键词: 财务风险, 代理成本, 投资者收益

Abstract: The group financial company is the capital market of group internal financing. The actual operation effects, such as reducing enterprise′s financing cost and improving the use efficiency of funds, or exacerbating the agency conflict between members enterprise and group and increasing agent cost, have important reference value for outside investors′ investment decision to the members enterprise of group.Therefore, based on the data of A-share listed companies from 2010 to 2013, the average agency cost, asset-liability ratio, Z-score and net assets profit rate are calculated, and the significant differences are analyzed between them and the relevant data of the members with group financial company. The study found that: the group financial companies tightened the member enterprises′ cash flow and strengthened supervision to member enterprise, which violated management′s interests of member companies, increased the agency cost of some member enterprises and affected the performance of member enterprises; based on group′s whole interests, the group emptied the member enterprises through financial company, which resulted in the member companies′ financial risk was higher than industrial average and the managers′ on-the-job consumption level was higher than the industrial average, however, there was no significant difference between the average level of investors returns and the industrial average. As a result, the investment risk to member enterprises controlled by a group with financial company is higher.

Key words: financial risk, agency cost, investor returns