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So this book, Fabozzi, et al.-- Fabozzi, Modigliani, Jones and Ferri-- is a very solid book about financial markets.
所以这本由法博齐等人,包括法博齐,莫迪利亚尼,琼斯以及费里,这是一本关于金融市场的非常完备的书
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Modigliani and Miller wrote a famous article arguing that-- what I just said--I just tried to say it in very intuitive terms.
莫迪利阿尼和米勒有一篇非常著名的文章是讲...,刚提过的,我想用直观的词汇来描述
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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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When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.
莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率
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Modigliani and Miller said, we don't care what you do, do whatever you want--it doesn't matter.
莫迪利阿尼和米勒说,怎么做都没关系,想借多少借多少,没有关系
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The other thing that I want to say about Modigliani and Miller is about corporate debt.
我想讲的另一个问题是,莫迪利阿尼和米勒还谈到了公司债务
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The other author, Franco Modigliani--in the book, the second author--was my teacher at MIT.
这本书的另一位作者,弗兰克·莫迪利阿尼,是第二作者,他是我在麻省理工大学的老师
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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
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Well, Modigliani and Miller are leaving the room; they say it doesn't matter.
这里莫迪利阿尼和米勒没有给出解释,他们说这不重要
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They call in Modigliani and Miller and ask, how much should we borrow?
他们给莫迪利阿尼和米勒打电话问,我们该借多少钱呢
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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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Modigliani is one of the authors of your textbook along with Fabozzi.
莫迪利阿尼是你们课本的作者之一,另一个是法伯兹
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When Modigliani--this sounds like a very strong proposition about dividend irrelevance.
当莫迪利阿尼...他对股利无关性的表述,听起来有些绝对
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It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.
莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高
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Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
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A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.
根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比
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The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.
理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买
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There's another Modigliani-Miller theorem about debt, which is about debt irrelevance as well.
关于负债还有另外一个MM定律,也是讲负债不相关性的
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A lot I'm going to talk about is Modigliani-Miller but I'm not going to get too deep into it, maybe in your review sections you can get more technical.
我会重点谈论MM定理,但也不会过分深入,在复习阶段我可能会讲的更专业一些
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I want then finally to talk about Modigliani-Miller and debt.
我想最后讲讲MM模型和债务的问题
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It took decades for Modigliani-Miller to kind of sink in.
数十年后人们才理解了MM命题
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We'll be talking about the Modigliani-Miller Theorem and related issues in this lecture as well as something about the behavior of the stock market and its tendency to go through dramatic movements.
我们会讲到,MM定理,和与其相关的问题,还会讲到,股市行为和,股市戏剧性的运动趋势
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It is an insight that Modigliani and Miller are offering the corporations that I think they often don't see that the real issue in the dividend-- both the dividend and the debt policies-- are really taxes and nothing else.
这是MM法则给予公司的建议,但是他们常常看不到,股利政策中最重要的是,不管是在股利还是负债政策中,只有税负才是关键
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According to Modigliani and Miller, if you add taxes to their debt irrelevance proposition, it means that companies will want to borrow a lot and the real advice they would be giving to Bill Gates is: what's the matter with you? Why aren't you borrowing money?
根据MM理论,如果在负债不相关理论中加入税负因素,就意味着公司愿意大量负债,他们会给比尔·盖茨一个建议,你脑子有问题吗,为什么不借钱
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