Based on entrusted agency theory, this paper analyzes the agency risk of property right, the agency risk of superior and subordinate, the agency risk of bank and enterprise, and points out the cause of risk in state-owned commercial banks. It puts forward that the dual objectives of agency leads to the operating deviation of state-owned commercial banks, the falsity of performance estimate and the insufficient of incentive restriction. And excessive levels of entrusted agency will lead to the decrease of agency efficiency, the control by inner people and the spillover of cost. It also analyzes the info asymmetry in banks and enterprises, soft budgetary control and their incentive restriction mechanism.