英语翻译The availability of internal financing does not affect this since the true costof using retained earnings as capital is the opportunity cost,the highestreturn available in alternative uses.If an investment of retained earnings inanother v

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英语翻译The availability of internal financing does not affect this since the true costof using retained earnings as capital is the opportunity cost,the highestreturn available in alternative uses.If an investment of retained earnings inanother v
英语翻译
The availability of internal financing does not affect this since the true cost
of using retained earnings as capital is the opportunity cost,the highest
return available in alternative uses.If an investment of retained earnings in
another venture would return 15 per cent,the true cost of using it within the
firm is also 15 per cent.Thus,an efficient firm which can borrow at 12 percent and invest its retained earnings will earn more than the inefficient firm which can borrow only at 18 per cent and must use its own retained earnings.
“borrow”是指公司借款嘛?跟retained earnings有什么关系呢?

英语翻译The availability of internal financing does not affect this since the true costof using retained earnings as capital is the opportunity cost,the highestreturn available in alternative uses.If an investment of retained earnings inanother v
这是Corporate Finance里面对该用保留盈馀或该借钱的思考范例.但你最後一句似乎有误.
可翻译为
.即使可得到内部资金都不该影响这个（决定）,因为使用保留盈馀的真实成本就是机会成本,（该机会成本）也就是使用保留盈馀做为不同投资项目的最高可能获利.假如某个使用保留盈馀的投资可以获利15%,那使用这保留盈馀的真实成本当然也就是15%.（这同一例子里的）的公司若有效率,则可以付12%的利息贷款,但赚15%,利差3%.这间公司会比以另一间效率较差的公司以18%利息贷款,但被迫使用保留盈馀在资金运用上更好.
原文到最後一句前都很好,但最後一句完全不通.我不太懂原文为何如此,无法完整翻译.
这文章本意很简单,是作者故意把它搞复杂.打个比方,你若开了一家服装店挺赚钱,想请更多员工加大店面扩张都得花钱,你可用原先开店赚来的钱投资也可向银行贷款.银行贷款一年利息12％,但假如你发现你的朋友开牛肉面馆更赚钱,一年可赚得15%.你就该投资牛肉面店赚那15%并同时向银行贷款扩张业务,宁可付12%的利息成本.（原问最後一句贷款18%和之後的叙述後简直和前面叙述牛头不对马尾,我真看不懂.）