对控股公司回报率与风险关系的量化分析

Quantitative relation holding companies rate of return and their risk

论文通过分析控股公司内部权益回报率、风险与控制比率、权益负债比率、子公司层数等之间内在联系 ,建立了控股公司回报率与风险之间的定量分析模型 ,揭示出高财务杠杆比率是控股公司的主要财务特性 ,并推导出不同情况下 ,控股公司回报率与风险的具体表现形式 。

The relation of the return on equity, risk, control ratio, the ratio equity to liabilities, and the number of subsidiary company are analyzed. It sets up a quantitative analysis model of holding company's return and their risk .The high degree of financial leverage is a financial feature in the holding company, a few kinds of pattern in the every situation are introduced. In fact, holding company adopts the financial policy of high rate of return and high risk.Some suggestions of setting up state-owned holding companies in China are put forward.