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Modigliani and Miller wrote a famous article arguing that-- what I just said--I just tried to say it in very intuitive terms.
莫迪利阿尼和米勒有一篇非常著名的文章是讲...,刚提过的,我想用直观的词汇来描述
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Playwrights that I really love are like, Arthur Miller and David Mamet.
我非常喜爱的剧作家，阿瑟·米勒和大卫·马麦特。
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Maybe Merton Miller is right-- these things are "neutral mutations" and changes in dividend policy are meaningless.
也许莫顿·米勒是对的,这些都是"中性突变",变更股利政策是无意义的
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Wentworth Miller is an actor. He graduated like 15 years ago.
演员温特沃斯·米勒也是普林斯顿的校友，他大约毕业已经有15年之久了。
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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
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The other thing that I want to say about Modigliani and Miller is about corporate debt.
我想讲的另一个问题是,莫迪利阿尼和米勒还谈到了公司债务
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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
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They call in Modigliani and Miller and ask, how much should we borrow?
他们给莫迪利阿尼和米勒打电话问,我们该借多少钱呢
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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
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It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.
莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高
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One thing that Merton Miller distilled from it was that people on boards, who decide on dividend payout, are very focused on the price of a share and they're worried about investor reaction.
但莫顿·米勒总结出一点,决定是否分红的董事们,十分关注股价,他们很担心投资者们的反应
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Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
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A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.
根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比
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There's another Modigliani-Miller theorem about debt, which is about debt irrelevance as well.
关于负债还有另外一个MM定律,也是讲负债不相关性的
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So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.
这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同
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When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.
莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率
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