SUMMARY
This paper analyzes the empirical relationship between debt leverage and systemic risk based on SCCA model. The result shows the climbing of debt leverage would push up the level of risks across all national economic departments, and further accumulate the risks within financial sector and finally generate and transmit systemic risk through debt channel and equity channel. This suggest that, transfer debt leverage especially form non-financial company sector to other national economy departments can improve the level of systemic risk within financial system.