Financial leverage is customarily measured by the ratio of debt to net assets or debt to enterprise value. These measures usually understate effective leverage, because corporate commitments to ongoing and future capital investments create hidden leverage that acts like debt, but does not appear on book balance sheets.

中文翻译：

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实物期权和隐藏杠杆*

财务杠杆通常以债务与净资产或债务与企业价值的比率来衡量。这些措施通常低估了有效杠杆，因为企业对持续和未来资本投资的承诺会产生隐藏的杠杆，就像债务一样，但不会出现在账面资产负债表上。