Taking China's A?share group listed companies from 2007 to 2021 as the research object， the study analyses from the power segmentation perspective the impact of the configuration among financial power， operating power and personnel power on the risk of corporate debt default. The empirical results show that the centralized allocation of financial and operating powers and the decentralized allocation of personnel power within the group can reduce the debt default risk through the allocation of resources in the internal capital market and the exertion of governance effects. Further research finds that such deeds synergistically reduce the debt default risk as centralized allocation of financial rights and decentralized allocation of personnel rights， centralized allocation of operating rights and decentralized allocation of personnel rights， and centralized allocation of financial rights and operating rights and decentralized allocation of personnel rights. The investigation of value effect finds that the inhibitory effect of the centralized configuration of financial and operating authority on the risk can ultimately enhance the enterprise value. Grouped enterprises should pay attention to and explore the governance advantages in centralized power allocation and optimize the organizational structure so as to enhance the enterprise value.