一般来说,一个企业如果完全通过权益资本筹集资金显然是不明智的,因为其筹集方式使之不能得到负债经营的好处,但是风险随着过度举债比例的增大而增加,相应的企业的危机成本及代理成本的增加,使债权人风险加大,从而使其在债务契约中加入诸多限制性条款,使得公司在投资、融资及股利分配等财务决策方面丧失部分弹性。而保持适度的财务弹性,是灵活适应资本市场变动的必要条件,是 In general, if a firm is completely unwise to raise funds through its equity capital solely because it can not get the benefits of debt management by raising them, the risk increases as the proportion of excess borrowing increases, and the corresponding corporate crisis Increasing costs and agency costs add to the risk of creditors, putting a number of restrictive clauses in debt contracts that make companies lose some flexibility in financial decisions such as investment, financing and dividend distribution. Maintaining modest financial flexibility is a necessary condition for adapting flexibly to changes in the capital market