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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

So, you now have two thousand shares, but now there are twenty million shares outstanding in the company so the ratio is unchanged.

你现在有两千股,但是发行总股数也变成了两千万,所以比例并没有变

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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