If we are to believe Modigliani and Miller, firm valuation is not determined by whether the firm is capitalized by debt or equity.

如果我们信任夸张变形的手法的话，机构的估值并不会因为时候采用债务或股份来评估而发生改变。

youdao

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

youdao

Modigliani and Miller thought the market value of an enterprise has no correlation with the style of fund-raising, but this conclusion is denied by the positive analysis.

莫迪·利安尼和米勒认为，企业的市场价值与筹资方式无关，然而实证分析却否定了这一结论。

youdao

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

So it was a mystery, argued Messrs Modigliani and Miller in 1963, why firms did not finance themselves almost entirely with debt.

ECONOMIST: A survey of Corporate Finance

In 1958 professors Franco Modigliani and Merton Miller showed that this kind of thinking is wrong.

FORBES: Magazine Article

But in 1958 Franco Modigliani and Merton Miller, two American economists, showed that the value of a firm should be unaffected by whether it is financed using all debt, all equity, or a mix of the two.

ECONOMIST: Stocks in trade | The