我阅读了一下教材原文：
This dividend policy is the most common. Companies that use a stable dividend policy base dividends on a long-term forecast of sustainable earnings, and increase dividends when earnings have increased to a sustainably higher level. Thus, if the long-term forecast for sustainable earnings is slow growth, the dividends would be expected to grow slowly over time, more or less independent of cyclical upward or downward spikes in earnings. If sustainable earnings were not expected to grow over time, however, the corresponding dividends would be level (i.e., not growing). Compared with the two other types of dividend policies that will be presented, a stable dividend policy typically involves less uncertainty for shareholders about the level of future dividends. This is so because the other types of policies reflect to a higher degree short-term volatility in earnings and/or in investment opportunities
(Institute 155)
结合公式
Expected increase in dividends
= (Expected earnings × Target payout ratio – Previous dividend) × Adjustment factor
一旦分红达到expected earnings*target payout ratio 这个分红政策不就成为固定股利支付率的分红政策了吗，即利润不变化的分红金额和支付率都保持不变，这和Constant Dividend Payout Ratio不就一样了吗？所以这两个政策在利润达到稳定的情况下不成了一样的政策？在利润上升的情况下，两个政策分红均上升，只不过速度有所区别，所以这两个政策的区别究竟在哪呢？
