Boards always want to keep their price of a share up because if it starts to decline, the company could become a takeover target; it's viewed as a failure etc., etc.

董事们想将股价维持在高水准上,因为股价一旦下滑,公司很可能会成为收购目标,被人看做是决策失误等等

耶鲁公开课 - 金融市场课程节选

They told him that if earnings go up-- we try to keep a target payout ratio-- but if earnings suddenly shoot up, we're not going to increase our dividends right away because that would set too high an expectation and we don't want to have to cut it.

他们告诉他,如果收益提高,我们会努力维持既定的股利发放率,但如果收益大涨,我们不会马上提高股利,因为这样会导致过高的期望,我们也不想降低股利

耶鲁公开课 - 金融市场课程节选