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。
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。
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。
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。
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。
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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