I'm the CEO of Google and I call the broker and I say, how many shares are outstanding?
如果我是谷歌的执行总裁,我给经纪人打电话问,一共发行了多少股票
They would announce in December that we issued back in August these options to our executives.
他们会在十二月的时候通告说,我们已经在八月的时候,向公司经营管理者发行股票期权了
People don't usually know how many shares are outstanding in the company that they invest in.
人们通常不知道,他们所投资的公司到底发行了多少股票
I talked about a company as having only shares outstanding, but they also have debt outstanding.
我曾提过只发行股票的公司,他们还会有负债
The immediate suspicion that this raised, and I think it's more than a suspicion, is that companies will time announcement of good news until after they issue the options.
这引起了一些人的猜疑,我想不止是猜疑,公司会在发行股票期权之后,算计发布利好消息的时间
Now, they are hoping that the price doesn't fall because they're announcing it with news and,in a sense, issuing the stock dividend is just a way to make it dramatic.
他们希望股价不会下跌,因为他们是带着利好宣布的,换言之,发行股票股利只是想引人注目
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
The idea, of course, is that we have a legal entity--a corporation-- that issues shares that are either given to people or purchased by people and the idea is that shares represent contributions.
最初的做法是,一个法人实体即公司,发行股票,然后发放或卖给人们,理念就是,股票象征着贡献
The debt irrelevance theory says that it matters for the price of a share what a company issues-- how much debt it takes on-- but it doesn't matter for the value of the company.
负债不相关理论说明它和,公司发行股票的每股价格,和总负债有关,但和公司的价值无关
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
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
If stock price option -if stock options tend to be issued as announced by the company later, just before stock prices go up, there's no way that that can be right because nobody can know exactly when the stock price is going to go up.
如果股票期权价格...,如果就像公司事后宣称的一样,公司恰好是在股价上涨之前,发行的股票期权,这是不可能做到的,因为没有人可以确切知道,股票价格何时会上涨
When you pay out stock dividends you would think that now there are more shares, everyone divides by the larger number of shares, and the value of the company goes down; it's not going to work to pay a stock dividend.
当你发放股票股利时,就会意识到,股票总数增加了,每个人的股数除以增加后的总股数,每人拥有的公司价值减少,发行股票股利无法达成目的
For example, if Ford Motor Company wants to issue corporate bonds or they want to issue new shares they would go to an investment bank and the investment bank would say, okay we can underwrite for you, but we'll do it for you.
例如,如果福特汽车,想要发行公司股票或者募集新股,他们会去投行,然后投行的人会说,好的我们能帮你承销。
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