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Mercury. · 2024年02月29日

为什么不选a

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000031

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%.

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

解释：

B is correct.

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

A也符合这两种情况（当未来盈利增长为零时，股息保持恒定；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）为什么不能选呢

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1 个答案

王琛_品职助教 · 2024年03月01日

嗨，努力学习的PZer你好：


1

选项 A 不属于 stable dividend policy，而是属于 constant dividend target payout ratio policy

因为 Earning 的波动很大，如果保持一个稳定的分红比例，分红也会随着 Earning 的波动而波动

2

假设分红比率是 45%

如果 NI 是 100，分红就是 45

如果 NI 是 1000，分红就是 450

3

所以选项 A 并不符合同学所例举的 stable dividend policy 的两种情况

关于 constant dividend target payout ratio policy，也请参考基础班讲义墨迹版 P50

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努力的时光都是限量版，加油！

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