If the company gets too leveraged then there's too high a probability that the company will fail and there are costs to bankruptcy.

如果公司的杠杆率太高,那么公司倒闭的可能性会极高,然后会产生破产费用

耶鲁公开课 - 金融市场课程节选

A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.

根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比

耶鲁公开课 - 金融市场课程节选