The goal of the study is to find the best way for state-owned companies in China to manage their finances by balancing debt and equity. By carefully considering the costs and benefits of different types of financing, companies can make smart decisions to reduce risks and costs, and increase their overall value. It's important for companies to not rely too much on outside funding or favor one type of financing over another without considering the bigger picture. By finding the right balance between debt and equity, companies can make better financial decisions and improve their overall performance.