问题：What is the residual theory of dividend policy?
A. That the dividend policy of a company should be to smooth dividends from one year to the next, and reinvest only those profits that are not needed to maintain dividend payments at least at the same level as the previous year.
B. That a company should invest its post-tax profits in all projects that are available with a positive net present value, and pay out as dividend only those profits that are left over.
C. That share prices are determined by shareholder expectations of future dividends.
D. That a company should have a policy of paying out a fixed proportion of earnings as dividends, and only use what is left to re-invest long-term in the company.
答案：The correct answer is: A company should invest its post-tax profits in all projects that are available with a positive net present value, and pay out as dividend only those profits that are left over.
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