In a particular year, a company might achieve a very high profit that is unlikely to be repeated,but it wishes to reward shareholders with a higher di-vidend without building up expectation that the high dividend will be repeated.

• 某一年，公司的盈利可能达到非常高的水平，但是来年却难再创同样的佳绩。公司希望以更高的股息回 报股东，可是又不希望股东期待下一次的股息同样高。