For firms which are not publicly traded, the objective in decision making is the maximization of firm value.
公司是不公开交易，目的是在决策是最大化公司价值。
This result at least discovers that there is a best debt ratio in our listed companies, if we aim at the maximization of value of the firm.
这证实了如果以企业价值最大化为目标，我国的上市公司的确存在一个最优债务区间。
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