then there's too high a probability that the company will fail

那么公司倒闭的可能性会极高
and there are costs to bankruptcy.

然后会产生破产费用
The other qualification is bankruptcy costs.

另外一个限制是破产成本
A company, according to Modigliani and Miller,

根据MM理论一家公司
has to weigh their tax considerations against their bankruptcy costs

必须在租税考量与破产成本之间进行权衡
and get an optimum debt-equity ratio out of that.

然后得出最有利的负债权益比
It is an insight that Modigliani and Miller are offering the corporations

这是MM法则给予公司的建议
that I think they often don't see that

但是他们常常看不到
the real issue in the dividend--

股利政策中最重要的是
both the dividend and the debt policies--

不管是在股利还是负债政策中
are really taxes and nothing else.

只有税负才是关键
The last thing, I just wanted to say--

最后一点我想讲