好像...投資人並不會覺得公司有避險的必要 vs 投資人不覺得公司有修改財務槓桿的必要→因為投資人可以透過分散風險的投資組合投資;因為投資人可以自製財務槓桿
WACC
proposition 1: there is no tax. It doesn't matter how the firm is sliced into debt and equity
proposition 2
is that there exists tax, and R_E, the cost of equity, rises as the firm relies more heavily on debt
