Many Americans learned this the hard way by investing all their money in stock shares, which then lost value.

VOA: special.2011.03.27

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

耶鲁公开课 - 金融市场课程节选

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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Actually, you can't say what the share price is because there are zero shares and they have a zero price, so the value of the price per share is zero over zero and you can't define it.

实际上你并不能确定它的股价多少,因为股数为零,其市值也为零,所以每股价值就是,零除以零,无法计算

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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

耶鲁公开课 - 金融市场课程节选