英语翻译The availability of internal financing does not affect t

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 venture would return 15 per cent,the true cost of using it within thefirm 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?