All that matters is the ratio: how many shares I own divided by the number of shares outstanding.

比例才是最根本的要素,我有的股数除以总发行股数

耶鲁公开课 - 金融市场课程节选

It's changing the number of shares outstanding, so the value of the company declines by the same amount; it has to, as if they had just paid a dividend.

它改变了发行股数,所以公司价值减少了相同的数量,必须如此,就好像支出了股利一样

耶鲁公开课 - 金融市场课程节选

Now, the critical thing to understand about a corporation is that in order to value a share in a corporation you absolutely have to know the number of shares outstanding.

理解这类公司的关键在于,要衡量一家公司股票的价值,你必须清楚总共发行的股票数量

耶鲁公开课 - 金融市场课程节选