The Research On The Dividend Of The Listed Company In Small-and-Middle-Sized Enterprises Board

Dividend policy is one of the three hard cores in Finance activities of Modern Corporate. It's the connection between investors and companies.Therefore, research on the dividend policy of the listed companies does have important theoretic and practical significance. Research on the dividend policy has a long history in the west,however, mang schoolars began their research on this area form 90's last century in our country. They considered the situation of our country during the research ,and the conclusions are fruitful . This paper begins with dividend policy of the listed companies , and selects a new board in our stock market which named Small-and-Middle-Sized Enterprise.This article is divided into five parts. The first part is introduction, which is focus on the background and significance, the article's content and structure and the innovation of research; The second part is the dividend distribution policy of the domestic and international research and related comments, which is mainly on the dividend distribution of contents, forms and the advantages and disadvantages of various theories of dividend distribution policy ; The third part is about the dividend distribution of the SMSE board vs. the Main Board,and analyse the satituation, which is mainly from the overall analysis about the SMSE board and also combine the dividend distribution through qualitative and quantitative ways;The fourth part is the Empirical Study which is from the point of the cash dividends , selecting the 12 indicators of the financial statements by using the standardized and the empirical analysis on the impact of the cash dividend distribution of those who have financial indicators apart from the SMSE board and the study also used in the industry ;The fifth Part is the conclusions and recommendations puting forward practical problems in order to achieve the effect of theory and practice.The main research results are that the impact of the SMSE board cash dividend distribution of financial factors are the rate of earnings per share, the proportion of shares in circulation and flow ratio, and the impact on the industry factors are the rate of earnings per share and flow ratio. The author believes that with the Main Board of the dividend distribution of listed companies compared to small and medium-sized board,The SMSE board has its own unique characteristics,such as the SMSE is more stable and continual on the dividend distribution and has a better role in in signal transduction, and the dividend payout rate is higher than that of the Main Board. Which may be related to the establishment of SMSE board which was maintained the " Two unchanged, four independent". The author believes that the SMSE board of listed should pay attention to their own reality and take a rational attitude towards the dividend policy and be careful about the effects of the dividend distribution policy,most of all, improving the SMSE board governance is critical.