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1·This paper discusses and analyzes the relationship between the financial leverage rate and rerum ratio and risk of holding companies and maintains that the former affects the latter.

控股公司具有高财务杠杆比率、高股东权益报酬率和高风险的特征，其财务杠杆比率的放大作用比一般公司显得更大更强。

2·We calculate financial leverage, LEV, as the ratio of total non-current liabilities to total assets.

我们计算出财务杠杆LEV，它是非流动负债总额与总资产的比值。

3·It is also found that the ownership reward of the company mainly benefits from financial leverage. The reward rate of ownership decreased after the asset-liability ratio was improved in 2006.

我们也发现，公司的权益报酬主要来源于财务杠杆带来的好处，在2006年公司改善资产负债比后，公司的权益报酬率有所下降。