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Evelynislost · 2023年11月12日

贴的解答打不开了，能否贴一下原文

  1. CFA II
  2. Corporate Issuers

NO.PZ2023040402000015

问题如下：

Beta Corporation is a manufacturer of inflatable furniture. Which of the following scenarios best reflects a stable dividend policy for Beta?

选项：

A.

Maintaining a constant dividend payout ratio of 40–50 percent.

B.

Maintaining the dividend at $1.00 a share for several years given no change in Beta’s long-term prospects.

C.

Increasing the dividend 5 percent a year over several years to reflect the two years in which Beta recognized mark-to-market gains on derivative positions.

解释：

Choice B is consistent with a target payout ratio policy. Choice C is not correct because the earnings increases described are not sustainable long term.

王琛_品职助教 · 2023/10/19 08:55:23

嗨，从没放弃的小努力你好：


同学好，关于选项 B 和 C，我之前刚好详细总结过，请同学先参考一下：https://class.pzacademy.com/qa/104645

如果同学还有疑问，可以追问或者评论，我再回答同学的后续疑问哈

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努力的时光都是限量版，加油！

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1 个答案

王琛_品职助教 · 2023年11月13日

嗨，努力学习的PZer你好：


1）这个题不太明白

咱们在分析选项的时候，建议一定把选项理解完整哈。选项 B 和 C 的重点，其实都在后半句，比如

选项 B: "given no change in Beta’s long-term prospects"

选项 C: "to reflect the two years in which Beta recognized mark-to-market gains on derivative positions"

下面分别分析

2）老师上课时候特意说了，这里stable 不是一个金额一直不变，那么B怎么会是对的？

Stable dividend policy 定义股利发放是基于公司长期可持续增长的利润

"stable dividend policy base dividends on a long-term forecast of sustainable earnings"

有两种情况

第一种情况，当未来盈利增长为零时，股息保持恒定

"If sustainable earnings were not expected to grow over time, however, the corresponding dividends would be level (i.e., not growing)."

第二种情况，当公司以可持续增长率增长时，公司的股利也保持和盈利相同速度增长

"if the long-term fore-cast 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."

B 选项说由于 Beta 的长期 prospects 未发生改变，所以未来几年每年都发 1 块钱/股的股利，是符合公司长期增长预期的，对应的是第一种情况

3）C不是稳定增长吗

C 是增长，但不是稳定增长

选项 C 是说：公司由于这两年在衍生品交易中获利了，会在接下来几年给股东们每年的股利增加 5%

Stable dividend policy 定义股利发放是基于公司长期可持续增长的利润，选项 C 的盈利增长明显是不可持续的，所以不选 C

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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