So in a sense, it's all the same to me as a shareholder whether they pay dividends or they repurchase shares.

所以某种意义上,对股东来说是一样的,不管是支付股利还是回购股票

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Let's say this is a repurchase of some of your shares at market price, sending the same check, so what's the difference?

就说我们以市价购回你的一些股票,然后寄过去同一张支票,这有区别吗

耶鲁公开课 - 金融市场课程节选

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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With share repurchase, the number of shares goes down, and if they don't do share repurchase the number of shares doesn't go down.

如果是股票回购,总股数降低,如果他们不进行股票回购,总股数不减少

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In a stock repurchase, if they repurchase everybody's shares-- the same proportion--it doesn't affect that ratio.

股票回购中,若他们购回所有人的股份,相同份额比,那就不会影响比例

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So, you don't care what the letter says-- whether it says dividend or stock repurchase.

所以你不必在意信上怎么写,不管它说是分红还是股票回购

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So, you would avoid paying dividends and, therefore, switch to share repurchase as your method.

你应该避免分配股利,因此改为股票回购

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Well, the company is still paying out money in the same amount total, but it's coming out in a different form; it's coming as a share repurchase.

公司仍将支出相同的总额,但却是以不同的形式,以股票回购的形式

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Now the other thing is, there are other ways to get money out of a company without paying a dividend and one of them is stock repurchase.

另一件方面是,除了股利,还有其他收回投资的方法,比如股票回购

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You see, you can keep the operations the same whether or not you pay a dividend, if choosing not to pay a dividend means substituting stock repurchase for dividend.

不管你是否支付股利,你公司的运转都不会发生变化,如果不发放股利,那就意味着,以股票回购代替股利分配

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The other thing that a company can do to get money out is share repurchase-- stock repurchase or share repurchase It's perfectly--this sometimes surprises people when they first think about it.

另外一个可以让公司,收回投资的方法是股票回购,股票回购或者股份回购,最初看到这一方法时,人们可能会十分惊讶

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He said all this--this thing that I have up here-- well the previous slide, showing the dividend earnings ratio--it's just cultural; it means nothing because, to some extent, what's not shown in that diagram was the stock repurchase.

他是这么描述的,在这里,在上一张幻灯片中,展示了股利收益比,这跟文化相关,但却无意义,在某种意义上,在图表中没有展示出股票回购

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That is, share repurchase can change the units of measurement in a security and companies have to decide how leveraged the stock will be, which changes the stock price--leverage, meaning how much debt the company takes on.

即 股票的购回会改变,已发行股票的单位数量,公司需要决定,股票的杠杆效用是多少,杠杆会改变股价,杠杆指的是公司举债的多少

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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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