Too much, though, makes a firm too risky, raising its overall cost of capital.

然而过多的借款则会给公司带来太大的风险，抬升其筹资总成本。

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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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But what did this mean for the overall cost of capital, which is the real question?

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If a buyback raises the debt-to-equity ratio, it can lower the firm's overall cost of capital (because in most countries interest payments, unlike dividends, are tax deductible).

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The major stakeholder, Malkin Holdings , has owned the iconic office tower for over 50 years and by combining other Malkin Holding properties, the new REIT is aiming to create broader diversification and a substantially lower overall cost of capital.

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