对此联系的最浅显解释便是经营杠杆。公司用于弥补固定成本的销售额是一定的，而达到该水平后，利润率将显著增长。

An obvious explanation for the relationship is operational gearing; companies need a certain level of sales to cover their fixed costs and once that level is reached, margins rise substantially.

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我们发现企业的经营风险和破产成本可能对杠杆率有正面影响，而股息支付率则与杠杆率负相关。

We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio, while pay-out ratio of dividends may have negative impact on leverage ratio.

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