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。

Since interest payments are tax deductible, but dividends are not, some borrowing makes a balance-sheet more efficient.

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而这些小额借贷者通常会按时还款(以及相当不合理的利息)，这意味着他们找到了利用资金的有效途径。

Yet these small borrowers almost always repay their loans (and the fairly steep interest charges) on time, which suggests that they find productive USES for the money.

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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。

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.

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