然而，这个目标本身就需要在债务层建立一个更昂贵的资本结构，以确保紧急情况下这些债务可以转变为可用资金。所以，要达到这一目标，还需要很长的路要走。
But that goal would itself involve a more expensive capital structure in the form of a layer of debt that can turn into equity in an emergency; it is in any case a long way from being reached.
资本结构理论是研究在实现企业价值最大化的目标下，企业资本结构中债务资本与权益资本的比例如何确定的理论。
Theory on capital structure is the theory on how to define ratios of debt capital and equity capital of enterprise capital structure under the target of realizing maximization of enterprise value.
和我们论文相似，他们论文的焦点也是员工股票选择权的税收优惠对资本结构和债务政策的影响。
Like ours, the focus of their paper is on the impact of the tax benefits of employee stock options on capital structure and debt policy.
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