英语翻译CAPITAL STRUCTURE THEORYScholarly research suggests that

英语翻译
CAPITAL STRUCTURE THEORY
Scholarly research suggests that there is an optimal capital structure range.However,the understanding of capital structure at this point does not provide financial managers with a specified methodology for use in determining a firm’s optimal capital structure.Nevertheless,financial theory does provide help in understanding how the chosen financing mix affects the firm’s value.
In 1985,Franco Modigliani and Merton H.Miller (commonly known as “M and M”) demonstrated algebraically that assuming perfect markets,the capital structure that a firm chooses dose not affect its value.Many researchers,including M and M,have examined the effects of less restrictive market assumption on the relationship between capital structure and the firm’s value.The result is a theoretical optimal capital structure based on balancing the benefits and costs of debt financing.The major benefit of debt financing is the tax shield provided by the government,which allows interest payments to be deducted in calculating taxable income.The cost of debt financing results from (1) the increased probability of bankruptcy caused by debt obligations,(2) the agency costs of the lender’s monitoring the firm’s actions,and (3) the costs associated with managers having more information about the firm’s prospects than do invertors
TAX BENEFTTS
Allowing firms to deduct interest payments on debt when calculating taxable income reduces the amount of the firm’s earnings paid in taxes,thereby marking more earnings available for investors (bondholders and stockholders).The deductibility of interest means the cost of debt,ki ,to the firm is subsidized by the government.Letting kd equal the before-tax cost of debt T equal the tax rate,from Chapter 11(Equation 11.2),we have ki = kd * (1-T).
PROBABILITY OF BANKRUPTCY

资本结构理论
学术研究表明,有一个最优资本结构的范围.不过,了解资本结构在这一点上不提供财务经理与指定的方法使用,在决定一个公司的最优资本结构.不过,金融理论是否提供帮助,在了解如何选择融资组合,影响公司的价值.
在1985 年,佛朗哥莫迪利亚尼和每小时默顿米勒（俗称“米和米” ）表明,代数,假设完善的市场,资本结构,一个坚定的选择剂量不会影响它的价值.许多研究人员,包括米和男,曾研究的影响较少限制市场的假设之间的关系,资本结构与公司的价值.结果是一个理论最优资本结构的基础上平衡效益和成本的债务融资.主要受益的债务资金筹措是税盾由政府提供,这使得利息扣除,在计算应纳税所得.的成本,债务融资的结果（ 1 ）增加的概率破产所造成的债务,（ 2 ）代理成本的贷款人的监测该公司的行动,及（ 3 ）相关的费用与经理有更多的信息关于该公司的前景比变换器
税务
允许企业扣除支付利息的债务时,计算应纳税所得额减少了该公司的收入支付的税金,从而标志着更多的收益可用于投资者（债券持有人和股东）.该扣除利息手段的成本,债务,奇,该公司是由政府资助.让科威特第纳尔,相当于前税后成本的债务吨平等的税率,从第11章（方程11.2 ）,我们已安=科威特第纳尔* （ 1 -吨） .
概率破产