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ladycoco想放假 · 2020年02月26日

问一道题：NO.PZ2016012005000031

  1. CFA II
  2. Corporate Issuers

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：

B is correct.

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

stable dividend policy不是说的是在dividend达到稳定状态之前的N年，每年DIVIDEND增长的金额是一样的吗？即delta d=(Dn-D0）/N，B选项的意思是说每年的DIVIDEND都是1块钱，这是不对的吧？

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1 个答案

Debrah_品职答疑助手 · 2020年02月27日

同学你好。Stable dividend policy 定义股利发放是基于公司长期可持续增长的利润。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。B选项中说由于Beta的长期prospects未发生改变，所以未来几年每年都发1块钱/股的鼓励，是符合公司长期增长预期的。

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