? 發問時間: 社會與文化語言 · 1 0 年前

財金英文論文翻譯 10點

However, even in the absence of these tax benefits, debt would be utilized if the

ability to exploit potentially profitable investment opportunities is limited by the

resources of the owner, If the owner of a project cannot raise capital he will

suffer an opportunity loss represented by the increment in value offered to him

by the additional investment opportunities. Thus even though he will bear the

agency costs from selling debt, he will find it desirable to incur them to obtain

additional capital as long as the marginal wealth increments from the new

investments projects are greater than the marginal agency costs of debt, and

these agency costs are in turn fess than those caused by the sale of additional

equity discussed in section 2. Furthermore, this solution is optimal from the

social viewpoint. However, in the absence of tax subsidies on debt these projects

must be unique to this firm” or they would be taken by other competitive entrepreneurs

(perhaps new ones) who possessed the requisite personal wealth to fully

finance the projects” and therefore able to avoid the existence of debt or

outside equity.

謝謝!

1 個解答

評分
  • 1 0 年前
    最佳解答

    然而,甚至缺乏這些稅利益,債務將會被利用如果那

    開發可能有利潤的投資機會的能力被限制被那

    擁有者的資源,如果計畫的擁有者不能夠升起他決意的首都

    遭受被提供給他的價值的增量代表的一個機會損失

    被另外投資機會。如此即使他將忍受那

    代理商從賣債務花費,他將發現招致他們獲得是令人想要的

    另外的首都像來自新者的邊緣的財富增量一樣長

    投資計畫比債務的邊緣代理商費用棒,和

    這些代理商費用在旋轉中帶中比較那些哪一個由售賣所引起另外的

    公正在第 2 節中討論 此外,這解決方案是最佳的從那

    社會的觀點。 然而,缺乏在債務這些計畫上的稅補助金

    一定要是這一個公司唯一的”或者他們將會被其他競爭的企業家帶

    (也許新的)誰持有了必要的個人財富到完全

    融資計畫”因此能夠避免債務的存在或

    在公正之外 。

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