急！哪位大侠帮我翻译下，万分感谢

Question

In view of these points, this paper seeks to develop a valuation model for the purposes of simultaneously optimising the level of debt, the level and type of dividends, and the level of “externally-financed” investment.The model must recognise significant real-world features that are relevant to optimising each of these policies and must also be readily amenable to implementation. The essential features of the model are as follows.
Firstly, consistent with standard practice in evaluating investment projects, the model is of the multi-period DCF form with a risk-adjusted discount rate of theWACC form, and therefore allows for bankruptcy costs exante through the cost of debt. Secondly, consistent with the importance of personal taxes to optimal debt and dividend policy, the model recognises that tax rates on personal income differ across both investors and forms of income, allows for the deferral option on capital gains tax by reducing the effective tax rate, and considers both classical and dividend imputation tax systems.Thirdly, the model recognises that the level of dividends and interest affects the need for share issues, with their associated share issue costs (which discourages
dividends and interest beyond the point at which share issues are induced). Fourthly, the model recognises that the level of dividends and interest affects the level of “internally-financed” investment, which may have negative NPV (and which encourages dividends and interest up to point at which such investment is avoided).
Clearly, there are other aspects of debt and dividend policy that are not readily capable of being incorporated into this analysis, most particularly relating to agency issues and asymmetric information. So,our results are subject to that caveat. The paper commences by optimising dividend and debt policy for a given level of “externally-financed” investment, and then goes on to consider the implications of optimal
debt and dividend policy for the level of such investment.

Answer 1

In view of these points, this paper seeks to develop a valuation model for the purposes of simultaneously optimising the level of debt, the level and type of dividends, and the level of “externally-financed” investment.
鉴于此,本文分估价模型旨在培养为目的的同时优化水平的债务,级别和类型的股息,台阶下的“externally-financed”的投资。

The model must recognise significant real-world features that are relevant to optimising each of these policies and must also be readily amenable to implementation.
该模型必须承认现实世界的特征显著相关优化每一个这样的政策,也必须随时服从实施。

The essential features of the model are as follows.
模型的基本特征如下。

Firstly, consistent with standard practice in evaluating investment projects, the model is of the multi-period DCF form with a risk-adjusted discount rate of theWACC form, and therefore allows for bankruptcy costs exante through the cost of debt.
首先,符合标准的做法在评估投资项目,进行了模型的缺陷形式受到多期与风险调整后的折现率的theWACC形式,因此允许通过破产成本exante的借贷成本。

Secondly, consistent with the importance of personal taxes to optimal debt and dividend policy, the model recognises that tax rates on personal income differ across both investors and forms of income, allows for the deferral option on capital gains tax by reducing the effective tax rate, and considers both classical and dividend imputation tax systems.
其次,符合个人所得税的重要性到理想的债务和股利政策,该模型承认,个人所得税税率的跨越,这也是投资者和不同形式的收入,允许继续选择资本利得税减少有效税率,并兼顾古典和股利归责原则的税收制度。

Thirdly, the model recognises that the level of dividends and interest affects the need for share issues, with their associated share issue costs (which discourages
第三,该模型承认,股息和利息水平的影响需要共享问题,其与关联发行股票的成本(阻碍了

dividends and interest beyond the point at which share issues are induced).
红利和兴趣,超出时间点分享问题被诱导)。

Fourthly, the model recognises that the level of dividends and interest affects the level of “internally-financed” investment, which may have negative NPV (and which encourages dividends and interest up to point at which such investment is avoided).
第四,模型承认,股息和利息水平的影响程度的“internally-financed”的投资,这可能负NPV(和鼓励股息和利息,这样的投资是在哪个点上避免)。

Clearly, there are other aspects of debt and dividend policy that are not readily capable of being incorporated into this analysis, most particularly relating to agency issues and asymmetric information.
很明显,这里会有其他方面的债务和股利政策,不容易中可以被纳入这个分析,大多数特别是有关代理问题和信息不对称。

So,our results are subject to that caveat.
所以,我们的结果受,警告。

The paper commences by optimising dividend and debt policy for a given level of “externally-financed” investment, and then goes on to consider the implications of optimal
摘要通过优化股息及到职债务政策对于一个给定的水平externally-financed“投资”,然后考虑采行的最优的

debt and dividend policy for the level of such investm
债务和股利政策等investm的水平

Answer 2

鉴于此,本文分估价模型旨在培养为目的的同时优化水平的债务,级别和类型的股息,台阶下的“externally-financed”的投资。该模型必须承认现实世界的特征显著相关优化每一个这样的政策,也必须随时服从实施。模型的基本特征如下。
　　首先,符合标准的做法proje在评估投资
很明显,这里会有其他方面的债务和股利政策,不容易中可以被纳入这个分析,大多数特别是有关代理问题和信息不对称。所以,我们的结果受,警告。摘要通过优化股息及到职债务政策对于一个给定的水平externally-financed“投资”,然后考虑采行的最优的
　　债务和股利政策的水准和类似的投资。

Answer 3

在这些点的角度出发，寻求发展的同时为优化负债水平而言估价模型，分红水平和类型，以及“外部资助的”investment.The模型水平必须认识重大现实世界功能优化相关的这些政策还必须每随时服从执行。 该模型的主要特点如下。 首先，在评估投资项目的标准惯例，该模式是用了theWACC形式的风险调整贴现率多阶段DCF的形式，因此允许通过破产成本债务成本exante。 第二，以最佳的债务和个人税收的股息政策保持一致的重要性，模型确认，关于个人所得税税率在投资者和不同的收入形式，为资本利得税延期选项允许通过降低有效税率，并认为传统和股息税合一systems.Thirdly，模型确认，股息和利息水平的影响及其相关的股份发行的股票发行成本的需要，（这在哪个不鼓励超出发行新股的诱导点股息和利息）。 第四，模型确认，股息和利息水平的影响“内部融资”的投资，可能有负净现值（并鼓励股息和利息高达点避免此类投资）的水平。 显然，还有其他方面的债务和股利政策，是不会轻易被纳入到这个分析的能力，最特别是有关代理问题和信息不对称。 所以，我们的结果是受该警告。 通过优化的“外部融资的”投资，一定水平的股息和债务政策文件，然后开始接着考虑这种投资水平最优债务和股利政策的影响。