The common shareholder stands last in line to be paid, and because of this additional risk the shareholder demands a higher expected return than does the bondholder. 股东在最后才得到支付，而正是由于这种额外的风险，股东相对债券持有者而言要求一个更高的期望收益。
In addition, structural change and asymmetric effect exist in the stock markets of our country.Markey risk and expected returns are positively correlated. 另外我们还发现我国股市中存在着结构性变化和不对称效应，而且市场风险和期望收益之间存在正向关系。
