The Empirical Research On Small And Medium-sized Listed Companies Cash Dividend Policy And Growth

As an important part of the national economy, SMEs has increasingly been the general concern of all countries in recent years. The study about senior management incentive and growth of the listed SMEs is valuable, it can provide a new perspective to the theory of management incentive construction, offer a new data support to improve the mechanism of management incentive of Chinese SMEs, give reference to deal with the management incentive of Chinese listed enterprises. The improvement of the management incentive can promote the growth of SMEs fast and good, in this sense, this paper has important theoretical and practical significance.Based on the data of listed enterprise on Chinese SMEs board for three years, that is 2005,2006, and 2007, using descriptive statistical analysis, catastrophe series approach and multiple regression analysis and other methods, this paper analyzes the relationship between the management incentive and enterprises'growth. And finds that there is a significant positive influence between the annual salary income of management and enterprises' growth, the annual salary income of management is not only an important but a effective incentive mechanism of listed SMEs; the share proportion of senior management, as well as the proportion of holding stock in management has positive correlation with enterprises' growth; the more senior management salaried in enterprises, the better growth of the enterprises; company size, financial leverage, industry, industry character and other factors also have impact on the growth of enterprises.Finally, this paper gives some policy recommendations to improve the management incentive of Chinese SMEs, including improving the mechanism of reward incentive, enhancing the salary level of management; establishing rational and right performance evaluation system of management; using stock incentive, in order to achieve long-term incentive of management; giving full consideration about a various factors which have impact on management incentive.