In a perfect financial market and in the absence of taxation there is no such thing as an optimal capital structure; the overall cost of capital remains the same regardless of the firm’s debt policy. Thus, the value of the levered company is equal to the value of the unlevered company). – It is true that the conditions on which this is based are not to be found on financial markets worldwide. However, it can be concluded in an inference (the logical conclusion from given data at premises) that the respective deviations from the model and thus reality – above all: no market transparency, tax payments play a role, borrowed capital is not repaid with certainty – exert very specific influences on the actual financing behavior of a company. – In the case of a company, it is not so much the type of financing – for example, via equity capital, bank loans or the issuance of bonds – that is important. Rather, what matters most is whether a satisfactory profit flows from the use of the capital raised, i.e. from the investment. – These two statements (presented in this way or another) are followed by others that are discussed in detail in the financial theory literature. – See formulas, financial mathematics, financial psychology, irrelevance theory. – Cf. Monthly Report of the Deutsche Bundesbank of January 2012, p. 14 f. (on the irrelevance thesis).
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