Modigliani and Miller said, we don't care what you do, do whatever you want--it doesn't matter.

莫迪利阿尼和米勒说,怎么做都没关系,想借多少借多少,没有关系

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Well, Modigliani and Miller are leaving the room; they say it doesn't matter.

这里莫迪利阿尼和米勒没有给出解释,他们说这不重要

耶鲁公开课 - 金融市场课程节选

It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.

莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高

耶鲁公开课 - 金融市场课程节选