So one of the things that we've done for a while now is, we have this thing called Director Day.
所以我们一直在做的是,设立董事日。
The first thing they said was, "You have no board of directors," because I was the board. I was the whole board.
他们首先提出的是,你们没有董事会“,因为我就是董事会,董事会里就我一个人。
The theory is that the shareholders are in control because they elect the board and the board hires the president and it's democratic.
之所以理论上说股东是掌控者,是因为他们选出董事会,董事会选出总裁,这是个民主的过程
I've got nothing to do."
我是董事会主席“
You know, the only reason we set up a board was that we were going to raise capital.
我们设立董事会的唯一原因是,我们要筹集资金。
And I found that that increases their knowledge and understanding of actually what the company does tremendously, because somebody comes in, presents for an hour, "Here's what we're doing in China."
我发现,这在很大程度上增加了,他们对公司的认识,因为某位董事会做一个小时陈述,这是我们在中国的业务“
The typical example of dilution is: the board of directors has hired a CEO for the company and they want to motivate the CEO.
摊薄的典型例子是,董事会为公司雇用了一位首席执行官,他们想激励这位首席执行官
I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.
理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利
The state law probably requires that a corporation have a board of directors, but it's also something that can be defined at the time that you create the corporation in the bylaws.
州法规定,公司必须要有董事会,但还有一些规定,是你在制订公司制度时自由规定的
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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