The paper expounds the formation causes and new ideas of the capital operation of enterprise groups, introduces the capital operation strategies of enterprise groups, then based on the successful case of Hua-Ling group, illuminates the measures and significance of capital operation of enterprise groups. It is considered that the capital allocation structure can be adjusted and optimized,the centralization of capital can be accelerated, the scale economies and the synergistic effect, the integration of capital and the upgrade of industry can be achieved through the capital operation of enterprise groups, which will become the main rhythm of China economy.