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开泰-王飞 · 2021年06月01日

答案a为何不对

  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 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.

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？

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王琛_品职助教 · 2021年06月02日

嗨，努力学习的PZer你好：


选项 A 不对，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。所以 A 不正确

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

关于 Stable dividend policy，也请参考：https://class.pzacademy.com/qa/68194

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