图 4 展示了任意变更循环期间，拥有两个执行者的单个项目是什么样的（计时由本地政策创建）。
Figure 4 illustrates how a single project with two practitioners would look during any one change cycle (timing to be established by local policy).
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
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.
经过数月的观察，我个人可以得出结论，它几乎是一个任意的政策。
After months of observation, I personally can conclude that it was pretty much an arbitrary policy.
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