| Dividend policy is one of the three core content of the modern company financial activity, dividend policy namely can reflects the company's management behaviors and performance, but also can have great influence on the related subject of the interests of the company, even it can relate to the company's survival and development. Thus, reasonable dividend policy can balance the future development of our company and shareholder's benefits, help balance different shareholder groups of interest, help the listed company and make the development of the securities markets healthy. Proper dividend distribution policy can make the business enterprise set up good external image, attract more investment enthusiasm, thus it will play a very important role for the company's long-term stable development. For a long time, as one of the important contents of financial activity of dividend policy, always it is the hot research and discussion in the Chinese and foreign theory and practice .Gem also called the second market, it is a national an important part of capital market, also known as the alternative stock market and growth-type stock market, it can provide financing ways and the growth space of securities trading market for temporarily unable to listed SME and emerging companies outside of the main board, but also it is an effective supply in the market to the main board, it occupies an important position in capital market. The listed company asset scale and business performance requirements is relatively loose, namely low threshold into, but applying operation, it helps to have the potential of small and medium-sized enterprises obtaining financing opportunities. October 2009 July 30, the first 28 gem companies in the first eye-catching cases concentrated in Shenzhen listing. This means that the gem market officially opened in trading, After several months of management, gem companies except performance volatile, a series of high send turn also attracted market eyeball. The gem companies which just login capital market for investors send "package". Wind information statistics show, by 2010 April 30, the issue dividends declared 60 gem companies have thirty-five proposed turn add scheme. Have 30 launch every 10 stocks increased 5 strands and above, the proportion of 50% increased scheme. There are 18 companies every 10 stocks increased proportion reaching more than 10 strands, weight for 30%. Judging from the stocks, Shen zhou Tai yue for most, every 10 stocks increased 15 shares. Not only appear high send turn scheme, the cash dividends is also not uncommon in gem companies, and dividend payment rate reached newly high. Faced with such just started the gem, it studies gem companies dividend policy influence factor, to standardize the operation of listed companies and safeguard the market healthy, steady development has important significance.The article is divided into five parts, the first part introduces the background and on the basis of this study put forward realistic meaning and theoretical significance, then research situation on the dividend policy factors affecting the research in the field of is discussed, and introduced the research methods and papers ideas and framework.The second part first introduces the definition and the dividends paid, and introduced the definition of dividend policy, after analyzing the listed companies in the dividend policy effect of exterior factors and listed company dividend policy of internal factors.The third part is introduced in the gem market characteristics and gem companies dividend distribution situation, compared with the main board after the gem of listed companies dividend distribution situation.The fourth part is the most important part of this paper, through the factor analysis and regression analysis to gem companies dividend policy influence factors of the empirical analysis. According to the empirical results preliminarily analyzed. Last part is the fifth part is to summarize the empirical results and points out the existing limitations. |
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