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So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.
这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同
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Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
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Redleaf went in and said, you should really do it and he convinced them, apparently, and they cut their dividend.
莱德利夫提出,你们必须要这样做,而且他说服了管理层,最终经营者决定降低红利
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There's no price per share that you can observe and the banks can't do anything except passively receive the dividend.
这里没有可以观察到的每股价格,这些银行也不能做任何事,除了被动地接受股利。
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As long as we never start paying a dividend, then we're just a young company and nobody asks any questions.
如果我们一次都不分红,我们只是家新公司,没人会有疑问
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Then we start paying a dividend and then if we ever have to cut it, we're in big trouble.
然后我们开始分红,如果暂停分红,大麻烦就来了
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Maybe Merton Miller is right-- these things are "neutral mutations" and changes in dividend policy are meaningless.
也许莫顿·米勒是对的,这些都是"中性突变",变更股利政策是无意义的
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If they're paying me by sending money and calling it a dividend it's the same as if they say they're repurchasing my shares.
如果他们寄钱来,称之为股利,和称之为股票回购是没有区别的
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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
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Suppose you get a letter from your company saying, congratulations here's a $5 dividend and here's a check for $5 if you owned one share.
假设你收到了公司寄来的一封信,写着,恭喜您,这是5美元的分红,如果你有一股的话,就会收到5美元
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And if we don't pay a dividend once, then they're going to say, what's wrong?
如果我们少分了一次红,他们就会问,怎么回事
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I was going to talk about a stock dividend and I started to do that.
现在继续探讨股票股利的问题
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They'll tell someone, hurry up and buy this stock because it's going to go ex-dividend.
他们告诉买家,迅速买入这支股票,因为它马上要除息了
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In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.
在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显
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The S&P 500 is 500 companies, who are major companies, so these tend to be mature companies and they tend to be in the dividend-paying stage.
标准普尔500指数包括500家大公司,这些一般都是成熟期的公司,他们一般都处于需要支付股利的阶段
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He went there and he made a plea that General Motors should cut its dividend that it pays to stockholders, which is a reasonable thing to do.
他向管理层提出请求,希望通用汽车公司减少,支付给股东们的红利,这是一种很合理的做法
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You said, you didn't call us up when we weren't paying any dividend and now we're still paying more than we used to, why all this alarm?
过去不分红的时候,你们什么都没说,而现在我们的分红比过去还多,你们紧张什么
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Now the other thing is, there are other ways to get money out of a company without paying a dividend and one of them is stock repurchase.
另一件方面是,除了股利,还有其他收回投资的方法,比如股票回购
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What Modigliani and Miller said, if it's pure dividend policy, then it is totally irrelevant; it means nothing, so companies can do whatever they please-- I don't care.
莫迪利阿尼和米勒的观点是,如果是单纯的股利政策,则与之完全不相关,它没有意义,所以公司可以任意施为,我不在乎
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Typically, they'll write a letter saying, congratulations we have great news! We have some new breakthrough and in celebration of this we're going to pay everyone a 5% stock dividend.
一般来说,他们会写封信说,恭喜,有好消息了,业绩有所突破,为表示庆祝,我们将,给每人增发5%的股票股利
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We're going to send a letter to all our shareholders and say, we have decided to pay a $5 dividend and so you're about to approve this at the meeting.
我们将给所有的股东寄出一封信,写着,公司决定发放每股5美元的股利,所以你们在股东大会上要通过这个提议
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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
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The ultimate thing is the dividend; the dividends, even though a lot of people forget the dividends and don't realize how important they are, they are actually the driving force.
最终还是回到了股利,股利,即便很多人忘记了它的存在,没有认识到它的重要性,但它们才是驱动力所在
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So, we paid one dividend and I don't know how much excitement it generated, but that's the Does this mean that share price will drop by $2 after a $2 dividend?
所以我们分了一次红,我不知道这引起了多大的兴奋,但这是,分了两美元股利后,是不是每股价格就会下降两美元
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If you set up a company, you don't want to pay a dividend for a while because you need the money and you're reinvesting it in the company and people will understand.
如果开办一家公司的话,短期内你不会想发放股利,因为你需要将收益用来投资,人们会理解这一点
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I remember one time I was talking to our CEO and he said, you know maybe we should pay at least one dividend because our employees are forgetting that they own these shares.
有一次我跟首席执行官谈起这事,他说,也许我们应该至少付一次股利,员工们都快忘了他们有股份这事儿了
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One thing that Merton Miller distilled from it was that people on boards, who decide on dividend payout, are very focused on the price of a share and they're worried about investor reaction.
但莫顿·米勒总结出一点,决定是否分红的董事们,十分关注股价,他们很担心投资者们的反应
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We gave shares to almost all of our employees as part of their compensation and we hoped that would motivate them and make them feel a part of the company but we never paid them a dividend.
我们几乎将所有股票都发给了员工,作为他们的薪酬,希望能这样激励他们,让他们感到,自己是公司的一份子,但是我们从不发放股利
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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
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It is an insight that Modigliani and Miller are offering the corporations that I think they often don't see that the real issue in the dividend-- both the dividend and the debt policies-- are really taxes and nothing else.
这是MM法则给予公司的建议,但是他们常常看不到,股利政策中最重要的是,不管是在股利还是负债政策中,只有税负才是关键
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