From the standpoint of a buyer of the whole company, what do I care how the ownership of the company is divided up between debt and equity?

从公司买家的角度来说,我现在关心的只是,公司的所有权,是怎样分配给股东和债务人的

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