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。

youdao

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

youdao

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。

youdao

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.

理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利

耶鲁公开课 - 金融市场课程节选

Evidently the word on the Modigliani-Miller theorem hasn't gotten out to the public just yet.

FORBES: Magazine Article

This both increases the volatility of equity returns and transfers value from debt to equity in the presence of default risks but has little to do with the Modigliani-Miller theorem in which default risk plays no part.

ECONOMIST: No soft option