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HG · 2020年09月12日

问一道题:NO.PZ201810160100000106

* 问题详情,请 查看题干

问题如下:

The implementation of Proposal #4 would most likely signal to Ladan and other investors that future earnings growth can be expected to:

选项:

A.

decrease.

B.

remain unchanged.

C.

increase.

解释:

C is correct. Dividend initiations convey positive information and are associated with future earnings growth, whereas dividend omissions or reductions convey negative information and are associated with future earnings problems.

A is incorrect because dividend initiations convey positive information and are associated with an expected increase (not a decrease) in future earnings growth. Dividend omissions or reductions convey negative information and are associated with future earnings problems.

B is incorrect because dividend initiations convey positive information and are associated with an expectation that future earnings growth will increase (not remain unchanged). In contrast, dividend omissions or reductions convey negative information and are associated with future earnings problems.

老师,总感觉proposal4说的怪,上课的时候说residual的最大的特点是不稳定,有的年头多有的年头可能没有,未来有什么样子的资产购置完全没法预测啊,怎么能说是future earnings一定会高啊。。。对企业而言感觉是更灵活,毕竟分红不是年年都要发,但是这道题说基于residual的方式的regular dividend,这不是有点自相矛盾吗?难道题目是通过这种方式来混淆吗?这样子就又考了residual dividend的考点也考了regular的分红特点?so confused

1 个答案

王琛_品职助教 · 2020年09月12日

嗨,爱思考的PZer你好:


同学你好,

  • 这里并没有说公司实际 earnings 的情况,只是说 most likely 给投资者带来的信号是未来的盈余增长的预期是什么情况
  • 这里的关键是,公司之前不分红,现在是 dividend initiations
  • 请参考我之前的同题问答:https://class.pzacademy.com/qa/56473

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