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企业集团是由独立的法人组成,每一个企业都是独立的融资主体,都要独立地承担融资风险。但是企业集团是以产权为纽带的,事实上是一个经济实体,其间的风险是不能融离的,其融资风险具有蝴蝶效应和牛鞭效应,决定了企业集团不能对融资风险进行分散化管理,而只能由母公司进行集中管理,即由总部设统一的风险管理机构、统一融资、统一担保,统一使用资金。
Enterprise groups are composed of independent legal persons, each of which is an independent financing body, and all of them must bear the financing risk independently. However, enterprise groups are property rights as a link, in fact, is an economic entity, during which the risk can not be separated, the financing risk has a butterfly effect and the bullwhip effect, determines the corporate group can not be decentralized financing risk management, and Only by the parent company for centralized management, that is, by the headquarters of a unified risk management agencies, unified financing, unified guarantee, unified use of funds.