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股息增长将等于收益增长
设为日期t的每股股息。DivtDivtDiv_tttt -------------------（1）Divt=EarningstShares Outstandingt×Dividend Payout RatetDivt=EarningstShares Outstandingt×Dividend Payout Ratet\displaystyle Div_t=\frac{\text{Earnings}_t}{\text{Shares Outstanding}_t}\times\text{Dividend Payout Rate}_t 我的教科书说，如果不变，而股息支付率t不变，那么股息的增长将等于收益的增长。Shares OutstandingtShares Outstandingt\text{Shares Outstanding}_tDividend Payout RatetDividend Payout Ratet\text{Dividend Payout Rate}_t 但是，区分（1），我们得到 ddtDivt=Dividend Payout RatetShares OutstandingtddtEarningstddtDivt=Dividend Payout RatetShares OutstandingtddtEarningst\displaystyle\frac{d}{dt}Div_t=\frac{\text{Dividend Payout Rate}_t}{\text{Shares Outstanding}_t}\frac{d}{dt}\text{Earnings}_t 显然，ddtDivt≠ddtEarningstddtDivt≠ddtEarningst\displaystyle\frac{d}{dt}Div_t\ne\frac{d}{dt}\text{Earnings}_t 我哪里出问题了？