If you really want to buy the company, you buy up all its equity-- all of its shares--and all of its debt.

如果你想买下公司,就得买下所有股份,所有的股票,还有所有的债务

耶鲁公开课 - 金融市场课程节选

Incidentally, did I ever--equity equals shares or stock, so when I talk about debt-equity ratio, I'm talking about the ratio of the value of the company's debt to the value of all of its stock.

顺便说下,普通股就是股票,负债权益比就是,就是公司负债价值,除以股票总价值

耶鲁公开课 - 金融市场课程节选

The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.

理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买

耶鲁公开课 - 金融市场课程节选