If the company increases the number of shares through a split that is not dilution because it doesn't really mean anything.

如果公司通过股票分割来增加总股数,这不是摊薄,因为没有发生实质性变化

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That means that the price of each share should decline by the amount they paid out divided by the number of shares.

这就意味着每股价格会降低,降低值为,总开支除以总股数

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All that matters is the ratio: how many shares I own divided by the number of shares outstanding.

比例才是最根本的要素,我有的股数除以总发行股数

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With share repurchase, the number of shares goes down, and if they don't do share repurchase the number of shares doesn't go down.

如果是股票回购,总股数降低,如果他们不进行股票回购,总股数不减少

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Dilution occurs when the company changes the number of shares asymmetrically-- not changing it for everybody.

摊薄是指公司,非对称地改变股数,而不是一概而论

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When you do a split, you're changing the number of shares for everybody, so it can have no effect on the ratio for anybody; it's just purely appearance.

当进行分割时,每个人拥有的股数变了,但每个人持股的比率没变,只是做做样子罢了

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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, the critical thing to understand about a corporation is that in order to value a share in a corporation you absolutely have to know the number of shares outstanding.

理解这类公司的关键在于,要衡量一家公司股票的价值,你必须清楚总共发行的股票数量

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They must be looking at some measure of the value of the company and dividing by the number of shares and then that gives them some idea of what the share is worth.

他们必然会对公司的价值有一定衡量,用其除以股票数量,然后大致得出每股价值

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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

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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

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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

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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

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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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