Modigliani and Miller 米勒 ; 理论
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。
Modigliani and Miller wrote a famous article arguing that-- what I just said--I just tried to say it in very intuitive terms.
莫迪利阿尼和米勒有一篇非常著名的文章是讲...,刚提过的,我想用直观的词汇来描述
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
When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.
莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率
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