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

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That's again up to the board to decide or they can set up a committee on the board that would decide, but ultimately, that's a major decision to send out dividends.

这也是由董事会决定的,他们可以建立一个委员会来负责此事,但最终,发放股利是个重大的决定

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What they're saying is that of course lots of things that a board of directors decides to do are not irrelevant; it's highly relevant to the future of the company.

但他们承认,董事会的很多决定,都与股利毫无关系,而与公司的未来紧密联系

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Well, the company--the board of directors-- decides if and when to pay dividends to the shareholders and then the law of the state would say that they must treat them all equally.

公司,董事会,会决定何时向股东支付股利,州法规定,股东利益均等

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