摘要资本结构理论是现代金融理论和财务管理理论的重要基石之一。
Abstract: Capital structure theory is the modern financial theory and financial management theory is one of the important cornerstone.
自1950年MM资本结构理论提出以来，“现金流量”与“企业价值”便成为现代财务理论的基本的、核心的概念。
Cash discharge and enterprise cost have become basic and core concepts since MM capital structure theory was presented in the 1950s.
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。
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.
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