The company's shares recently dropped to a four-week low.
VOA: standard.2009.10.15
So the total number of shares is almost-- the tendency to do splits is a cultural thing; it's of no real significance.
所以股票总数几乎是个,这种分割的趋势是文化使然,没有实际的意义
But it's absolutely essential--so the shares only mean something as a relation to their total number of shares.
这是十分必要的,所有股票只有在,和总体股本数量联系起来看时才有意义
It's a little different if they buy-- suppose you own a hundred shares and they declare a 5% cash dividend,then you get $5.
但又有些不同,如果他们买进...,假设你有一百股股票,他们宣布发放5%股利,你拿到五美元
Dilution occurs--the term specifically refers to changes in a number of shares that affect, adversely, existing shareholders.
摊薄特指的是,股票数量受到影响,不利于已持股的股东
That's one way that a--but often, when companies are bought out, they don't give them cash they give them shares in the acquiring company.
但当公司的全部股份被买下时,他们不是通过现金支付,他们会以收购方的股票支付
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
Now, if a company sells shares, it issues new shares--it can do that at any time.
如果一个公司售卖股份,发行新股...这随时都可以
It's like another form of compensation and that compensation might have different attractiveness, so they give the person a package--both a salary and some shares.
像是另一形式的薪金,这种薪金可能有着不同的激励效果,所以给他一种组合激励,工资加股份
They may do a two-for-one split; that means, if you held one thousand shares you get a letter saying, congratulations you now own two thousand shares.
他们会将一张股票拆为两张,意味着如果你有一千股,就会收到信件说,恭喜您,您现在有两千股了
They can pay the CEO a salary or they can give shares to the CEO-- that's quite standard because they feel that that makes the CEO a shareholder.
他们可以给他发工资或分给他股份,这是惯常的做法,因为他们觉得这样,可以把首席执行官变为股东
The last shareholder--so a company can't buy all of its shares but it can buy some of its shares and that's another way to get money out of the company.
最后的股东...公司无法回购全部股份,但是它能购回一部分,这是另外一个收回投资的方法
You just have to keep remembering that all that matters for a company-- for you as a--your interest in a company depends on your shares divided by the total number of shares.
你只需要记住,公司在意的只是,你在公司中的利益取决于,你的股数除以总股数
They'll say, we are pleased to announce that we are paying a dividend in new shares issued today by the company equal to 5% of your existing shares-- so it's a 5% dividend--congratulations.
他们会说,我们很高兴的宣布,本次股利,今日将以新股的形式发放,价值为现存股本的5%,所以是5%的股利,恭喜
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
There are two things: you can have a cash account with them you put money into the cash account and you haven't bought shares with it yet; it's just sitting--it's like in a bank.
这里有两种情况,一种是你有现金账户,你将钱存进现金账户,但还没有买股票,仅仅是做储蓄,就像存在银行
But Larry Paige at Google can call up a broker-- he better get the board's permission-- somebody at Google can call up a broker and make the same statement: we want to buy Google shares.
但是谷歌的拉里·佩奇也给经纪人打电话,当然要经过董事会允许,谷歌的某个雇员可以给经纪人打电话,然后做出同样的买入要求,我们想买进谷歌的股份
The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.
理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买
In other words, if you had an account at a brokerage and you thought you had a hundred shares of IBM and now the broker is going bankrupt -the broker won't answer your email anymore and he's just gone you go to SIPC and say, I had these hundred shares.
换句话说,如果你在一家经纪公司,设有账户,其中有IBM的100股股份,现在经纪行破产了,经纪行不再回复你的邮件,消失了,你告诉证券投资者保护公司,我有100股IBM的股票
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