The 9 per cent interest rate, which is line with that paid by UBS in its recent issue, represents a 5 percentage point after tax premium to its dividend.

摩根士丹利支付给中投公司的年利率为9%（与瑞银近期发行的证券利率一致），与其税后股息相比有5个百分点的溢价。

youdao

In this problem, it id optimal to issue minimal new equity so as to reflect the reserves process at 0 and make minimal dividend payments so as to reflect the reserves process at a certain level .

在这个问题中，最优策略就是发行尽可能少的新资产使得资产储量大于零，并分发尽可能少的红利使得资产储量小于某一个数值 。

youdao

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

耶鲁公开课 - 金融市场课程节选