What Modigliani and Miller said, if it's pure dividend policy, then it is totally irrelevant; it means nothing, so companies can do whatever they please-- I don't care.
莫迪利阿尼和米勒的观点是,如果是单纯的股利政策,则与之完全不相关,它没有意义,所以公司可以任意施为,我不在乎
If we are to believe Modigliani and Miller, firm valuation is not determined by whether the firm is capitalized by debt or equity.
如果我们信任夸张变形的手法的话,机构的估值并不会因为时候采用债务或股份来评估而发生改变。
I want then finally to talk about Modigliani-Miller and debt.
我想最后讲讲MM模型和债务的问题。
We'll be talking about the Modigliani-Miller Theorem and related issues in this lecture as well as something about the behavior of the stock market and its tendency to go through dramatic movements.
我们会讲到,MM定理,和与其相关的问题,还会讲到,股市行为和,股市戏剧性的运动趋势
Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
Modigliani and Miller thought the market value of an enterprise has no correlation with the style of fund-raising, but this conclusion is denied by the positive analysis.
莫迪·利安尼和米勒认为,企业的市场价值与筹资方式无关,然而实证分析却否定了这一结论。
Modigliani and Miller thought the market value of an enterprise has no correlation with the style of fund-raising, but this conclusion is denied by the positive analysis.
莫迪·利安尼和米勒认为,企业的市场价值与筹资方式无关,然而实证分析却否定了这一结论。
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