The stock market--I was going to talk about stock dividends, but I better talk about dividends first.

股票市场...我想讲下股票股利,但最好还是先解释下什么是股利

耶鲁公开课 - 金融市场课程节选

Then you might ask, why in the world do companies issue stock dividends anyway, what's the point?

你可能要问,那公司发放股票股利到底是为了什么呢,意义何在

耶鲁公开课 - 金融市场课程节选

If they're going to pay stock dividends and try to fool us, what's going to happen?

如果发股票股利只是为了愚弄我们的话,接下来会发生什么呢

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When you pay out stock dividends you would think that now there are more shares, everyone divides by the larger number of shares, and the value of the company goes down; it's not going to work to pay a stock dividend.

当你发放股票股利时,就会意识到,股票总数增加了,每个人的股数除以增加后的总股数,每人拥有的公司价值减少,发行股票股利无法达成目的

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That's misleading because it really doesn't matter when you buy the stock, so you're not supposed to, as a broker, sell dividends.

这是误导,什么时候买股票都没区别,所以作为券商,不应以股利为卖点

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Moreover, companies have to decide how much dividends to pay on the stock.

另外,公司不得不决定,股票的红利

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When we were taking 90% of dividends that was 90% of the stock market being taken by the government; but that's not all because we were also taxing the corporations.

当我们从股利中征收90%的税,也就是股票市场收益中的90%都被政府拿走,这还不算完,因为公司获得利润后也要交税

耶鲁公开课 - 金融市场课程节选