We point out that the strength of the influence of the degree of the firm's manager's moral hazard and the proportion of the manager's holding shares on the debt-equity ratio relates to the degree of the manager's risk-aversion. 指出,企业经营者的道德风险程度及其持股比例对企业负债率的影响程度与经营者的风险厌恶程度间有密切的联系。