问题如下图：
选项：
A. 
B. 
C. 
解释：
强化班李老师说stable dividend 是指的政策稳定，那股利支付比例一定（constant dividend）的情况下，感觉也可以算是stable dividend啊
maggie_品职助教 · 2019年02月04日
stable dividend policyde的这个策略的重点在于”稳定“，两个场景可以体现这种稳定。1、当未来盈利增长为零时，股息保持恒定。2、当公司以可持续增长率（此时g保持低速稳定的状态）增长时，公司的股利也保持和盈利相同的低速稳定增长
两种情况下，每年的股利都不受到经济周期波动的影响，这才叫做stable dividend.
选项A是dividend payout ratio policy,因为它没有提及公司未来盈利的预期是什么样的，只是说派系比率保持不变。可如果公司盈利受经济周期影响大幅波动的话，那么股利也就会跟着大幅波动。
新年快乐~
NO.PZ2016012005000031 问题如下 Beta Corporation is a manufacturer of inflatable furniture. Whiof the following scenarios best reflects a stable vinpolifor Bet A.Maintaining a constant vinpayout ratio of 40–50%. B.Maintaining the vin$1.00 a share for severyears given no change in Beta’s long-term prospects. C.Increasing the vin5% a yeover severyears to reflethe two years in whiBeta recognizemark-to-market gains on rivative positions. B is correct.ChoiA is consistent with a constant vintarget payout ratio policy. ChoiC is not correbecause the earnings increases scribeare not sustainable long term. B正确。如果每年都维持到每股发放1美元，但是每年的每股收益会发生变化，为什么汇算做stable vinpolicy？不应该是按照一定的比率嘛?C为什么不正确呀？没看懂原文。谢谢老师
NO.PZ2016012005000031 问题如下 Beta Corporation is a manufacturer of inflatable furniture. Whiof the following scenarios best reflects a stable vinpolifor Bet A.Maintaining a constant vinpayout ratio of 40–50%. B.Maintaining the vin$1.00 a share for severyears given no change in Beta’s long-term prospects. C.Increasing the vin5% a yeover severyears to reflethe two years in whiBeta recognizemark-to-market gains on rivative positions. B is correct.ChoiA is consistent with a constant vintarget payout ratio policy. ChoiC is not correbecause the earnings increases scribeare not sustainable long term. A如果在后面加一句，“在公司未来增长情况很稳定的情况下”，算对吗？
NO.PZ2016012005000031 问题如下 Beta Corporation is a manufacturer of inflatable furniture. Whiof the following scenarios best reflects a stable vinpolifor Bet A.Maintaining a constant vinpayout ratio of 40–50%. B.Maintaining the vin$1.00 a share for severyears given no change in Beta’s long-term prospects. C.Increasing the vin5% a yeover severyears to reflethe two years in whiBeta recognizemark-to-market gains on rivative positions. B is correct.ChoiA is consistent with a constant vintarget payout ratio policy. ChoiC is not correbecause the earnings increases scribeare 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
Maintaining the vin$1.00 a share for severyears given no change in Beta’s long-term prospects. Increasing the vin5 percent a yeover severyears to reflethe two years in whiBeta recognizemark-to-market gains on rivative positions. B is correct. ChoiA is consistent with a constant vintarget payout ratio policy. ChoiC is not correbecause the earnings increases scribeare not sustainable long term. 这个题不太明白，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？C不是稳定增长吗
NO.PZ2016012005000031 a说分红率稳定在一个区间，不是应该说明红利持续稳定嘛？