you're doing something contrary to our interest as debtors.

因为你的做法违背了我们债权人的利益
If you really want to buy the company, you buy up all its equity--

如果你想买下公司就得买下所有股份
all of its shares--and all of its debt.

所有的股票还有所有的债务
The basic insight about Modigliani and Miller debt irrelevance is that,

MM负债不相关定律的基本内涵在于
in the absence of taxes or any other special thing,

在不考虑税务和其他因素的条件下
the real value of the company is going to be unaffected by

公司的真实价值不会受到筹资方式的影响
whether they finance by debt or by equity

不管是通过发行股票还是借贷债务
because the real value of a company is determined

因为公司的真实价格是由
by the cash flow that they generate by the business they're doing.

贸易活动所带来的现金流决定的
So, they are selling widgets or whatever and making money--

不管通过什么方式赚钱即便卖小商品...
the value of the company is the present value of that cash flow.

公司的价值等于现金流的现值
If you want to buy the company

如果你想买下公司