在此基础上,1961年,Miller和Modigliani 2提出了著名的“股利无关论” (Dividend irrelevance),他们认为公司的价值取决于投资决策,和股利支付的高低无关。
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Unexpected cash dividends have little impact on the earnings signal, which is in consistent with the dividend irrelevance arguments.
现金股利和股票收益之间也没有明显的联系,这和股利不相关理论是一致的。
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
Through the academic history, there have been three major theories on the economic effects of dividend tax: the irrelevance theory, the traditional theory and the tax capitalization theory.
纵观学术史,有关股息税经济作用的论述主要分为三种观点:传统观、税收无关观以及税收资本化观。
When Modigliani--this sounds like a very strong proposition about dividend irrelevance.
当莫迪利阿尼...他对股利无关性的表述,听起来有些绝对
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
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
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