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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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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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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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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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Yes, he's asking after a firm pays a dividend that should lower the--you were asking whether it should lower the price of a share.
他问的是如果一个公司分了红,就会降低...你问的是,股价会不会下跌
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So, you don't care what the letter says-- whether it says dividend or stock repurchase.
所以你不必在意信上怎么写,不管它说是分红还是股票回购
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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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As a company matures, then they typically feel that it's time to pay a dividend.
当公司进入成熟期,他们就会觉得,到了发股利的时间了
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There is now no preference--well it could be-- there are lots of complexities in the tax law but, basically, dividend policy really is irrelevant now.
这就没有偏好差别了,税法中仍有很多复杂条款,但基本说来,是否推行股利政策与此无关
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They have to do it equally to all shareholders; that's called paying a dividend.
每个股东都应得到同等的待遇,这就是发放股利
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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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They said--one of the lessons they were told is, never cut a dividend unless you do it as a-- you could do a one time only dividend.
他们说,他们学到了一点,永远不要停止分红,除非你,除非你只是一次性分红
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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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The answer is generally not because if you buy the stock before it goes ex-dividend, you get--you have to pay a higher price, but you get the dividend.
答案一般来说是不用,如果你买了股票,是在除息之前买的,你的买入价高,但能分到红
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The last thing, I just wanted to say-- I wanted to mention the theory of dividend payout given by John Lintner; it's called the Lintner Model of Dividends.
最后一点,我想讲,我想讲讲约翰·林特纳的分红理论,叫做林特纳股利模型
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If they're failing they should cut their dividend, but companies are reluctant to do that because it looks bad, so they hold off for a long time, not cutting.
如果效益不好他们应该减少红利,但是公司不愿意这样做,是因为这样显得很糟糕,所以他们一直拖延着不去减少红利
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If you buy it today--if you wait, you won't get the dividend.
今天就买,再等的话就拿不到分红了
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It's changing the number of shares outstanding, so the value of the company declines by the same amount; it has to, as if they had just paid a dividend.
它改变了发行股数,所以公司价值减少了相同的数量,必须如此,就好像支出了股利一样
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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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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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It just went ex-dividend, so it doesn't mean anything.
它刚刚除息,不用大惊小怪
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There's a term for that--they call it going ex-dividend.
有一个专门的术语,叫做"除息"
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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
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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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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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When we think about the theory of dividend or debt we end up with irrelevance-- it doesn't mean anything-- but the companies' boards talk about it incessantly and it seems to matter a lot to them.
我们一讲到股利或者负债理论,最后都是不相关的,没有什么意义,但是公司的董事们不停的提起这些,看起来又对他们很重要
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He said all this--this thing that I have up here-- well the previous slide, showing the dividend earnings ratio--it's just cultural; it means nothing because, to some extent, what's not shown in that diagram was the stock repurchase.
他是这么描述的,在这里,在上一张幻灯片中,展示了股利收益比,这跟文化相关,但却无意义,在某种意义上,在图表中没有展示出股票回购
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The whole essence of a stock dividend is that they're paying it to every shareholder in the same proportion, so every one hundred shares becomes one hundred and five shares; so you know that that has no meaning to me.
但股票股利的要义就在于,他们给每个股东相同的份额,所以每一百股都变成了一百零五股,这对我来说毫无意义
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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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