The theory of information transition and agency cost argues that debt and dividend in incentive contract can mitigate adverse selection and moral hazard, and can be replaced by each other.

信息传递理论和代理成本理论认为，在激励契约中，负债和现金股利可以相互替代，但是现实中负债与现金股利却共存于激励契约。

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Negative Numbers can mean the company is servicing debt but can also mean the company is making dividend payments and stock repurchases, which investors might be glad to see.

负数可能表示该公司正在偿债，也可能表示该公司正在支付股息和股票回购，这种情况投资者或许乐于看到。

youdao

Deere's dividend payout has been doubled and its debt rating has been upgraded.

迪尔的红利支出翻了一倍，债务评级得以提升。

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

With a debt to equity ratio of 60%, OC has significant although not unmanageable debt, and pays no dividend.

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This tapering off of expansion should free up cash to pay down debt, enlarge the dividend and fund a new share buyback plan.

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In particular, he thinks Cisco will take advantage of low interest rates by raising debt to facilitate higher dividend and to maintain its share repurchase program.

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