In what might be called the first principle of modern corporate finance, the primary source and main driver of a company's long-run value is said to be its strategy and what finance academics refer as the corporate investment decision—in brief, what corporate managers choose to do with the capital their investors have entrusted them with. Having committed themselves to a strategy and business plan, and figured out the amount of capital required to carry out the plan, the managers are then assumed to address the financing decision: What's our targeted capital structure? Should it be mostly equity, with few (visible) strings attached; or should it include large amounts of debt, with its contractually fixed and obligatory payments of interest and principal?

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在可以称为现代公司金融的第一原则中，公司长期价值的主要来源和主要驱动力据说是它的战略，金融学者称之为公司投资决策——简而言之，公司经理选择什么与投资者委托给他们的资金有关。承诺制定战略和业务计划，并计算出执行计划所需的资本金额后，然后假设经理们处理融资决策：我们的目标资本结构是什么？它应该主要是公平的，几乎没有（可见的）附加条件吗？还是应该包括大量债务，以及合同规定的利息和本金支付义务？