It's changing the number of shares outstanding, so the value of the company declines by the same amount; it has to, as if they had just paid a dividend.

它改变了发行股数,所以公司价值减少了相同的数量,必须如此,就好像支出了股利一样

耶鲁公开课 - 金融市场课程节选

Now, the critical thing to understand about a corporation is that in order to value a share in a corporation you absolutely have to know the number of shares outstanding.

理解这类公司的关键在于,要衡量一家公司股票的价值,你必须清楚总共发行的股票数量

耶鲁公开课 - 金融市场课程节选

The problem with private banks issuing notes is that there would periodically be banking crises when the banks failed to pay on their notes and they couldn't pay out the gold that was demanded--that was required.

私有银行发行纸币的问题在于,当它们没法用要求的金子-规定的金子数量,支付它们发行的纸币时,它们将周期性的,陷入银行业危机。

耶鲁公开课 - 金融市场课程节选

That is, share repurchase can change the units of measurement in a security and companies have to decide how leveraged the stock will be, which changes the stock price--leverage, meaning how much debt the company takes on.

即 股票的购回会改变,已发行股票的单位数量,公司需要决定,股票的杠杆效用是多少,杠杆会改变股价,杠杆指的是公司举债的多少

耶鲁公开课 - 金融市场课程节选

It doesn't mean anything until you know how many shares are outstanding because if I own one thousand shares and then you look it up and find out how many shares are outstanding-- there are one thousand-- you say, hey I own the whole company.

这毫无意义,除非你知道总共发行的股票数量,如果你有十手股票,但后来发现,总共发行的股票数量,就是一千股,你就可以说,整个公司都是我的

耶鲁公开课 - 金融市场课程节选