One of them is as a shareholder and the shareholder gets a share-- is entitled to a share--of the profits.

其中一种是股东,股东持有股票,股东有权分配利润

耶鲁公开课 - 金融市场课程节选

So, you would avoid paying dividends and, therefore, switch to share repurchase as your method.

你应该避免分配股利,因此改为股票回购

耶鲁公开课 - 金融市场课程节选

You see, you can keep the operations the same whether or not you pay a dividend, if choosing not to pay a dividend means substituting stock repurchase for dividend.

不管你是否支付股利,你公司的运转都不会发生变化,如果不发放股利,那就意味着,以股票回购代替股利分配

耶鲁公开课 - 金融市场课程节选

If a company--if its stock sells for less than its assets are worth then the company maybe should be broken up and the assets taken and given somewhere else because the low stock price indicates a problem.

如果一家公司---如果它的股票卖的,比它的资产价值低,那么这家公司也许就应该破产，并且,它的资产就应该被占用或分配到其他地方,因为低的股票价格预示着一个危机。

耶鲁公开课 - 金融市场课程节选