资本结构与公司的价值无关，决定公司价值高低的关键要素是公司的净营业收益

Value has nothing to do with the company's capital structure, determine the level of value of the company's key element of the company's net operating income. Although the company increased the lower cost of debt capital, but also increased the risk of the company, leading to increased cost of equity capital, the company's overall cost of capital remains unchanged. Regardless of the degree of financial leverage of the company, its overall cost of capital unchanged, will not affect the value of the company's capital structure, thus optimal capital structure does not exist.

"The capital structure is not related to the value of the company, and the key factor that determines the value of the company is the company's net operating income." "Although the company has increased its lower-cost debt capital, it has also increased the risk to the company, resulting in higher the cost of equity funds, and the company's combined capital costs remain the same." "Regardless of the firm's financial leverage, its overall capital costs remain the same, and the value of the company is not affected by the capital structure, so there is no optimal capital structure."

The capital structure has nothing to do with the company's value. The key factor determining the value of the company is the company's net operating income. Although the company increased the cost of debt funds, but also increased the risk of the company, resulting in the increase of equity capital cost, the company's comprehensive capital cost remains unchanged. Regardless of the degree of financial leverage of the company, its overall cost of capital remains unchanged, and the value of the company is not affected by the capital structure, so there is no optimal capital structure.