Then you might--well let me ask you this, what would happen if Google decided to buy up all of its shares?

你也可能,我来问问你,如果谷歌决定购回它所有的股票会怎么样呢

耶鲁公开课 - 金融市场课程节选

Let's say this is a repurchase of some of your shares at market price, sending the same check, so what's the difference?

就说我们以市价购回你的一些股票,然后寄过去同一张支票,这有区别吗

耶鲁公开课 - 金融市场课程节选

In a stock repurchase, if they repurchase everybody's shares-- the same proportion--it doesn't affect that ratio.

股票回购中,若他们购回所有人的股份,相同份额比,那就不会影响比例

耶鲁公开课 - 金融市场课程节选

But what if the company buys back 5% of its shares?

但如果公司购回5%的股票呢

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