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.

youdao

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.

youdao

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.

youdao