Through the academic history, there have been three major theories on the economic effects of dividend tax: the irrelevance theory, the traditional theory and the tax capitalization theory.

纵观学术史，有关股息税经济作用的论述主要分为三种观点：传统观、税收无关观以及税收资本化观。

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When we think about the theory of dividend or debt we end up with irrelevance-- it doesn't mean anything-- but the companies' boards talk about it incessantly and it seems to matter a lot to them.

我们一讲到股利或者负债理论,最后都是不相关的,没有什么意义,但是公司的董事们不停的提起这些,看起来又对他们很重要

耶鲁公开课 - 金融市场课程节选