That looks improbable. The return from equities comprises the dividend yield, plus dividend growth, plus or minus any change in the rating (the price-dividend ratio).

股票收益包含股息生息率，加上现金股利成长率，加上或减去评定等级的变化(价格股利比率)。

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Since 2006, China Mobile's dividend payout ratio has risen by just one percentage point, to 43% of earnings.

自2006年以来，中国移动的股利支付比率只上升了一个百分点，至收益的43%。

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Another big plus: Stocks are dirt-cheap, whether you consider price-to-cash flow, price-to-book value, price-to-sales ratio or dividend yield.

另外，无论是从现金流价格、账面价格、销售价格比率还是红利角度考量，股价已经非常便宜。

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Back in the late nineteenth century the dividend price ratio was typically 5%.

回溯19世纪,股利价格比一般为5%

耶鲁公开课 - 金融市场课程节选

This is the dividend-price ratio back to 1871.

这是1871年的股利价格比

耶鲁公开课 - 金融市场课程节选

He said all this--this thing that I have up here-- well the previous slide, showing the dividend earnings ratio--it's just cultural; it means nothing because, to some extent, what's not shown in that diagram was the stock repurchase.

他是这么描述的,在这里,在上一张幻灯片中,展示了股利收益比,这跟文化相关,但却无意义,在某种意义上,在图表中没有展示出股票回购

耶鲁公开课 - 金融市场课程节选

That General Mills managed such robust dividend payouts without putting upward pressure on the dividend payout ratio (the percentage of profits the dividend represents) and the cash dividend payout ratio (the proportion of free cash flow that goes to dividend payouts) is good evidence that its dividend gravy train is in great shape.

FORBES: Connect

The dividend yield for the market is a function of its price-earnings ratio more than the dividend payout ratio on earnings.

FORBES: Manic Depression To Normalization

Or the cash dividend payout ratio against a popular utility dividend.

FORBES: Connect