F:Oh ,birthday party. Then it's nothing, I can understand, and give my wish for him.
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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
A state where it's closed, so imagine a channel with a lid on top of it; when it's closed nothing can go through the channel, when it's open then things can go through.
一种是闭合状态,想想一个有盖子的通道吧,当盖子合上的时候任何东西都不能通过,而打开时就畅通无阻
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