So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.

这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同

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With share repurchase, the number of shares goes down, and if they don't do share repurchase the number of shares doesn't go down.

如果是股票回购,总股数降低,如果他们不进行股票回购,总股数不减少

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So, you would avoid paying dividends and, therefore, switch to share repurchase as your method.

你应该避免分配股利,因此改为股票回购

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Well, the company is still paying out money in the same amount total, but it's coming out in a different form; it's coming as a share repurchase.

公司仍将支出相同的总额,但却是以不同的形式,以股票回购的形式

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The other thing that a company can do to get money out is share repurchase-- stock repurchase or share repurchase It's perfectly--this sometimes surprises people when they first think about it.

另外一个可以让公司,收回投资的方法是股票回购,股票回购或者股份回购,最初看到这一方法时,人们可能会十分惊讶

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That is, share repurchase can change the units of measurement in a security and companies have to decide how leveraged the stock will be, which changes the stock price--leverage, meaning how much debt the company takes on.

即 股票的购回会改变,已发行股票的单位数量,公司需要决定,股票的杠杆效用是多少,杠杆会改变股价,杠杆指的是公司举债的多少

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