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

Modigliani and Miller said, we don't care what you do, do whatever you want--it doesn't matter.

莫迪利阿尼和米勒说,怎么做都没关系,想借多少借多少,没有关系

耶鲁公开课 - 金融市场课程节选

Well, Modigliani and Miller are leaving the room; they say it doesn't matter.

这里莫迪利阿尼和米勒没有给出解释,他们说这不重要

耶鲁公开课 - 金融市场课程节选

Evidently the word on the Modigliani-Miller theorem hasn't gotten out to the public just yet.

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