论控股公司的风险与回报率

On Risk and Rate of Return of Holding Company

在完备的资本市场中,控股公司并不能给股东带来更多的好处，因此它并没有存在的依据；在非完备的资本市场中，控股公司通过多样化投资，能够在同等风险水平上增加小投资者的财富或者在相同回报率的水平上降低小投资者的投资风险。控股公司多层控股使整个控股公司体系的财务杠杆比率很高，因此控股公司实质上采取了高财务风险、高回报率的融资政策。

In perfect capital markets holding company can not bring more benefit to their shareholders.So no case exists for holding company.The small investors will profit from holding the shares of the holding company, which makes diversified investment in an imperfect market. Holding company can increase rate of return in the same risk level or decrease investment risk at the same rate of return for small investors.Holding company can control several levels of subsidiary companies.The company group has a high financial lever.In fact,holding company adopts the financial policy of high rate of return and high risk.