The general objective of this research is analyzing the impact of the stock shares in the financial health and risk. The reason for this research comes from the interest of knowing the costs and benefits that companies receive participating in the stock market, a common practice in the last decades. Some of the relevant motivations to issue shares are the new project´s funding, the status that the company gets, deal with debt, etc. it is important to know the implications in the results, the impacts over the shareholders and the society that could have a company issuing shares; but in this research we are going to talk only about the impact and risk associated with the company. Different authors have studied this implication in the companies around the world; it shows that is an important topic that revives a special interest. The research answer to the following question: ¿what is the impact of issuing shares in the financial health and the risk in financial groups? We are going to use a bibliographic review about financial health using different authors that had studied the topic from the company´s point of view, giving us three important indicators that represent relevant information because is the way to measure the financial health, the indicators are: liquidity, profitability and indebtedness. The literature has found a direct relation between financial health and risk; therefore we are going to identify which risks affect the companies when they issue shares being influenced by three financial risk types: market risk, interest rate risk and operational risk. We chose Aval group because it is one of the most important Colombian financial groups, Aval group currently participate in the stock market and has succeed through its management years.
