According to MM theory with bankruptcy cost and tax, capital adequacy regulations are fully effective only if the capital ratio stipulated by management and optimal capital structure is consistent.

按照存在破产成本和税收情况下的MM理论分析，只有管理当局确定的资本比率和银行最佳资本结构一致时，资本充足性管制才是完全有效的。

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According to an article in The Concise Encyclopedia of Economics, Lucas also did important work on the optimal tax structure.

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