UC知道帮忙英汉一段经济专业的段落，难度较高。
来源：百度知道 编辑：UC知道 时间：2024/06/22 15:10:32
2. Optimization of corporate capital structure: Necessary details of problem
formulation
Tax advantage is connected to the use of debt financing form one of the main factors,
predetermining the existence of the optimal capital structure. When ratio of total debt to
stockholders equity is small, its increase leads to a proportional increase of a firm’s value
because of tax shelter effect. Further increase of share of debt capital increases the
probability of a firm’s bankruptcy and thus reduces its value. At a certain value of the debt/
equity ratio, the negative effect of debt balances out its positive effect. At this moment, the
value of the firm achieves its maximum.
Assume that the financial position of a firm at a time moment t0 (moment of making
capital structure decision) is described by a set (vector) of factors (indices) f. Assume also
that set f includes as well factors that determine the value of a firm at time t0, so tha
formulation
Tax advantage is connected to the use of debt financing form one of the main factors,
predetermining the existence of the optimal capital structure. When ratio of total debt to
stockholders equity is small, its increase leads to a proportional increase of a firm’s value
because of tax shelter effect. Further increase of share of debt capital increases the
probability of a firm’s bankruptcy and thus reduces its value. At a certain value of the debt/
equity ratio, the negative effect of debt balances out its positive effect. At this moment, the
value of the firm achieves its maximum.
Assume that the financial position of a firm at a time moment t0 (moment of making
capital structure decision) is described by a set (vector) of factors (indices) f. Assume also
that set f includes as well factors that determine the value of a firm at time t0, so tha
2.
2.
Optimization of corporate capital structure:
企业首都结构的最佳化:
Necessary details of problem
问题的必需品细节
formulation
形成
Tax advantage is connected to the use of debt financing form one of the main factors,
税利益是连接到那使用债务融资形式主要因素之一,
predetermining the existence of the optimal capital structure.
预定最佳首都结构的存在。
When ratio of total debt to
当比总数债务到
stockholders equity is small, its increase leads to a proportional increase of a firm’s value
股东公正很小, 它的增加领引到一比例的增加一个公司的价值
because of tax shelter effect.
因为租税庇护效果。
Further increase of share of debt capital increases the
进一步的增加部份债务首都增加那
probability of a firm’s bankruptcy and thus reduces its value.
一个公司的破产的可能性而且如此减少它的价值。
At a certain value of the debt/
在债务的特定的价值/
equity ratio, the negative effect of debt b