The objective is therefore to find the capital structure that gives the lowest overall cost of capital and, consequently, the highest company value.

因此，我们的目标是找到资本结构，给出了最低的资本总成本，因此，这种状态就是该公司的最高值。

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Since interest payments are tax deductible, but dividends are not, some borrowing makes a balance-sheet more efficient. Too much, though, makes a firm too risky, raising its overall cost of capital.

尽管利息支付可以扣税，而红利不可以，举债可以使资产负债表更有效率。

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If the cost of capital is low, then the discounted value of future cash flows generated by the company is high, resulting in a high overall company value.

如果资本成本低，再由本公司产生未来现金流量的折现值高，造成了高公司整体价值。

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In the upstream link before refining, drilling cost accounts for 60 ~ 70% of overall costs, and has remarkably capital-intensive, knowledge-intensive and technology-intensive characteristics.

在炼化之前的石油上游环节中，钻井成本占到了总成本的60 ~ 70%，具有显著的资金密集型、知识密集型、技术密集型特征。

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In the upstream link before refining, drilling cost accounts for 60 ~ 70% of overall costs, and has remarkably capital-intensive, knowledge-intensive and technology-intensive characteristics.

在炼化之前的石油上游环节中，钻井成本占到了总成本的60 ~ 70%，具有显著的资金密集型、知识密集型、技术密集型特征。

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