The Gem Research To The Influential Factors Of Cash Dividend Policy Of Listed Companies

As we all know, in the mature Western capital markets, cash dividends is the most common way of dividend distribution in listed companies. In fact, sustainable and stable cash dividend policy can create favorable conditions and development opportunities for the long-term stability of the company. Therefore, the listed company’s cash dividend policy is particularly important factors.Currently, at the exploratory stage of the emerging GEM capital markets, GEM listed companies distribute a large dividends to investors, that is prominent "high dividend" phenomenon, and there are many problems and imperfections in the cash dividend policy development of our GEM-listed companies, and the current related research is very little. Based on the problem, the overall characteristics of cash dividend policy in China’s listed companies in general and the GEM listed companies were contrasted and analyzed in this paper, the internal and external factors of GEM cash dividend policy were summed up, then used the stepwise regression method in multiple regression to analyze the sample of135companies data on GEM from2009to2010, and adopted empirical research on the internal impact of empirical research with the SPSS statistical software.This study shows that profitability and cash dividend payout levels were significantly correlated, and the stock dividend together with company size and cash dividend payout level was significantly negatively correlated. On the other hand, liquidity, solvency, operational capacity, ownership structure, company growth and adequacy of cash and cash dividend payout level of correlation was not significant. Can be seen, the study confirmed that there are some non-standard phenomena in cash dividend policy of GEM companies in China, so the relevant departments need to regulate and monitor the cash dividend policy of GEM listed companies. Therefore, according to the relevant theoretical analysis and empirical test of the conclusions, the paper made some specific recommendations to optimize the internal and external environment in order to standardize the cash dividend policy of GEM listed companies, and looked forward to make some contribution for the development of long-term benefit for GEM listed companies and the healthy and orderly development for GEM stock market.