关键词: 财务公司, 融资约束, 企业集团, 风险异质性

Abstract: The role of the finance company in an enterprise group in alleviating financing constraints of the group members has been recognized by most scholars, but there is little research on the affecting mechanism of the finance company on the financing constraints and the risk heterogeneity. Based on the panel data of A-share listed companies on the main board from 2007 to 2021, this paper conducts aquasi-natural experiment with the financial companies established one after another in China' enterprise groups. The findings show that, firstly, the establishment of finance company can significantly alleviate the financing constraints of the member enterprises by reducing their debt and equity costs, smoothing the debt volatility, and improving debt maturity structure. Secondly, this impact will be strengthened when the competition in the banking industry increases, the information environment of enterprises deteriorates, and the monetary policy tightens. Thirdly, the role of financial companies in alleviating financing constraints has obvious risk heterogeneity, its effect is more significant in the groups with higher level of governance, lower operational risks and lower financial risks, which verifies the effect of“double-edged sword”of the financial companies. Therefore, it is necessary to be correctly aware of the role of finance companies, gradually and prudently promote the establishment of finance companies, facilitate the coordinated development of both the internal and external financial institutions, and strictly prevent risk contagion in finance company in order to better serve the real economy.

Key words: finance company, financing constraints, enterprise group, risk heterogeneity