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

耶鲁公开课 - 金融市场课程节选

There is now no preference--well it could be-- there are lots of complexities in the tax law but, basically, dividend policy really is irrelevant now.

这就没有偏好差别了,税法中仍有很多复杂条款,但基本说来,是否推行股利政策与此无关

耶鲁公开课 - 金融市场课程节选

I'm saying that, unless tax considerations intervene, dividend policy is really irrelevant for a firm.

除去税收的干扰,股利政策对公司是无相关性的

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

They said, dividend policy is irrelevant.

他们说,股利政策是无关的

耶鲁公开课 - 金融市场课程节选