For example, Microsoft has avoided borrowing any money and they don't believe in debt, so they are not leveraged.

比如微软从不借款,他们不愿负债,所以没有杠杆性

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But in a sense, I don't really own the whole company yet because the company owes money.

但某种意义上,整个公司还不全属于我,因为公司有负债

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Again, we have to qualify the debt irrelevance for taxes.

考虑到税负,我们要修正负债不相关性

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The debt irrelevance theory says that it matters for the price of a share what a company issues-- how much debt it takes on-- but it doesn't matter for the value of the company.

负债不相关理论说明它和,公司发行股票的每股价格,和总负债有关,但和公司的价值无关

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When we think about the theory of dividend or debt we end up with irrelevance-- it doesn't mean anything-- but the companies' boards talk about it incessantly and it seems to matter a lot to them.

我们一讲到股利或者负债理论,最后都是不相关的,没有什么意义,但是公司的董事们不停的提起这些,看起来又对他们很重要

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The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.

理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买

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There's another Modigliani-Miller theorem about debt, which is about debt irrelevance as well.

关于负债还有另外一个MM定律,也是讲负债不相关性的

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According to Modigliani and Miller, if you add taxes to their debt irrelevance proposition, it means that companies will want to borrow a lot and the real advice they would be giving to Bill Gates is: what's the matter with you? Why aren't you borrowing money?

根据MM理论,如果在负债不相关理论中加入税负因素,就意味着公司愿意大量负债,他们会给比尔·盖茨一个建议,你脑子有问题吗,为什么不借钱

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