Governments do not tax the return on equity less than debt interest, and lenders do not sufficiently honor the benefits of high equity with lower interest rates, owing to a lack of information about the true repayment probability. This is why equity capital held by financial institutions typically is more than twice as expensive as debt capital and why these institutions try to minimize its use.
但是，这一理论不符合现实。政府对股本回报所征收的税率并不比对债务利息的低，由于缺乏真实还款概率的信息，贷款人没有充分认同高股本低利率的好处。这就是为什么由金融机构持有的股本金通常比债务资本贵两倍以上，这也是为什么这些机构尽量减少其使用的原因。