Modern capital structure theory thinks that the reasonable arrangement of capital structure can decrease capital cost and increase enterprise value.
现代资本结构理论认为，通过资本结构的合理安排可以降低资本成本提升企业价值。
According to the modern capital structure theory, the choice of capital structure influences corporate capital efficiency which will ultimately affect the value of the enterprise.
按照现代资本结构理论，企业资本结构的选择影响企业资本的使用效率，最终影响企业的价值。
The major flaw of modern capital structure theory is that it cannot explain very well many enterprises remain low debt levels when tax benefits is large and bankruptcy costs is small.
现代资本结构理论的主要缺陷是无法很好的解释许多企业在税收利益很大、破产成本很小的情况下，仍然保持很低的负债水平。
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