According to NM theory with bankruptcy cost and tax, capital adequacy regulations are fully effective only if the capital ratio stipulated by management and optimal capital structure is consistent.

• 按照存在破产成本和税收情况下的MM理论分析,只有管理当局确定的资本比率和银行最佳资本结构一致时,资本充足性管制才是完全有效的。