摘要：AbstractFinancing decision is assumed by the company's management team and less by capital providers. The major objective pursued by managers is to maximize the firm's market value, value that will be shared between shareholders and capital lenders. Although there is an interest community between those involved and the market value of the firm, there are different views on maximizing firm value, namely: capital investors follow a remuneration higher return on their investment opportunities and the management team is forced to follow the reducement of the cost capitals. The capital cost is the major objective of the management team for at least the following reasons: in order to maximize the company's value is required to minimize the costs of all inputs.
