Unless there are some tax effects, which might matter-- and taxes always complicate things--but disregarding tax effects, it doesn't matter which you do.

除非这里涉及到税负,可能会影响...,税款常常把问题变得复杂,但不考虑税的话,什么时候买是没区别的

耶鲁公开课 - 金融市场课程节选

Although, they do put it in a qualifier that it could matter for tax reasons.

然而他们将其做出了改进,因为税负可能产生影响

耶鲁公开课 - 金融市场课程节选

You have a progressive tax system that takes more money from the wealthier people and you have a welfare system that looks at individual hardship and pays out.

我们有随富有程度加重税负的,累进税制,还有关注个体并进行再分配支出的,福利制度。

耶鲁公开课 - 金融市场课程节选

There is a possible correction to be made due to taxes.

针对税负因素,有一种可能的修正方法

耶鲁公开课 - 金融市场课程节选

Again, we have to qualify the debt irrelevance for taxes.

考虑到税负,我们要修正负债不相关性

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

It is an insight that Modigliani and Miller are offering the corporations that I think they often don't see that the real issue in the dividend-- both the dividend and the debt policies-- are really taxes and nothing else.

这是MM法则给予公司的建议,但是他们常常看不到,股利政策中最重要的是,不管是在股利还是负债政策中,只有税负才是关键

耶鲁公开课 - 金融市场课程节选

According to Modigliani and Miller, if you add taxes to their debt irrelevance proposition, it means that companies will want to borrow a lot and the real advice they would be giving to Bill Gates is: what's the matter with you? Why aren't you borrowing money?

根据MM理论,如果在负债不相关理论中加入税负因素,就意味着公司愿意大量负债,他们会给比尔·盖茨一个建议,你脑子有问题吗,为什么不借钱

耶鲁公开课 - 金融市场课程节选