A Study On The Relationship Between Cash Dividend Policy And Enterprise Value Of Listed Companies In China

Dividend policy is related to the capital allocation problem of enterprise financial management, Company’s capital allocation activities and investment activities, financing activities, normal operating activities constitute the enterprise’s financial activities, Company’s dividend policy will affect the company’s other financial activities. After the enterprise make the profit, at the end of the year or the middle of the year, The enterprise needs to return to the investors. Reasonable dividend policy will attract investors to continue investment. Since opening in 2009, Gem(Growth Enterprise Market) listed companies maintain high cashing dividend policy. the proportion of companies on GEM which have carried out dividend policy of allocating cash is more than 80%, the research object is the relationship of the Gem listed companies cash dividend policy and the enterprise value, This paper focuses on the Gem listed companies, which is beneficial to the gem listed companies comprehensive consideration shareholder interests and enterprise value, and make proper dividend policy.In this paper, First of all, comb the literature at home and abroad, and define the related concepts, introduce the condition of the Gem listed company, Three aspects for research are the cash distribution condition, the cash dividend distribution level and cash dividend stability, It is concluded that the cash distribution condition and the cash dividend distribution level are positively correlated relationship with enterprise value, and cash dividend stability is no correlation with the enterprise value, Finally, give some suggestions to the Gem listed company.