while, company's performance has a counteractive to the capital structure because of the imperfect of the market, tax, bankruptcy cost and information asymmetry.
与此同时,由于市场是不完美的,税收、破产成本和信息不对称等因素将使公司绩效对资本结构产生反作用。
the article analyzes the production and causes of bankruptcy cost and explores distorted actions in agent cost and harmfulness of creditors on shareholders.
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.