It's very difficult even to keep in mind the conceptual difference between these two sorts of supplement.

要记住,这两种补充的不同是很难的。

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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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