中文摘要：

集团公司已成为我国重要的企业组织形态。本文运用1998—2006年期间沪、深两地上市公司样本数据，从财务风险的角度探讨了集团化运作的经济后果。本文研究发现，企业的集团化运作不但显著加大了企业财务风险，而且集团化运作后企业发生财务困境的概率也大为提高。本研究在丰富企业理论、组织行为理论以及公司财务理论的同时，对于集团公司加强财务风险管理，对于银行等主要债权人和政府监管部门提升金融风险监控意识，均具有一定的启示意义。

英文摘要：

Group Company has become an important organizational form among firms in China. Using sample data during year 1998 through 2006 from listed companies in both Shenzhen and Shanghai stock exchange markets, this paper discusses the economic results brought by group-operation from the aspect of financial risks. Our findings indicate that group-operation not only increases a firm＇s financial risks, it also raises the possibility that a company may run into financial distress. Our research enriches the theories of enterprise, organizational behaviors and corporate finance. Meanwhile, to some extend, it also has inspirations for creditors like banks and government monitoring departments to enhance supervisions over financial risks.