I'm saying that, unless tax considerations intervene, dividend policy is really irrelevant for a firm.

除去税收的干扰,股利政策对公司是无相关性的

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There is now no preference--well it could be-- there are lots of complexities in the tax law but, basically, dividend policy really is irrelevant now.

这就没有偏好差别了,税法中仍有很多复杂条款,但基本说来,是否推行股利政策与此无关

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As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.

可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负

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