请教老师一个问题，dividend policy的 tedious, purchase, expected, acquired, receive

cococuculf

请问老师这两段话怎么理解：

The major disadvantage in these plans is that stockholders receive no cash with which to pay taxes on the dividends,and record-keeping for the purchase prices of shares acquired through reinvestment at each dividend date is tedious.

If two firms are identical except for theri dividend policies,investors will accept a lower expected rate of return(pay a higher stock price)on the shares of the firm with the more preferred dividend policy.

谢谢

胡老师

给出一下页数，没有上下文还真不能給出精确的翻译

Diana

我凑个热闹

第一段要结合看上文

第二段:在除了股利政策以外完全相同的两个公司,投资者将会接受那些有他们更加偏好的股利政策的公司产生的较低的预期回报率.-----------就是说如果公司的股利政策是投资者偏好的，投资者可以容忍一个比较低的预期回报率.

我觉得是这样