| The dividend policy has always been the focus of attention of domestic and international financial theorists. As the core content of the company decision-making, dividend policy is not only related to the distribution of benefits of multi-stakeholder group, but also closely related to the healthy growth of China’s capital market. Whether listed companies distribute dividends, when they distribute dividends, how they distribution and the number of the dividends are also the contents of dividend policy. If the managements of listed companies make dividend policy decision according to the stage of development and the actual operation of the company rationally and reasonably, it’s not only conducive to the long-term development of the company, but also conducive to the protection of the interests of shareholders and investors.China’s growth enterprise market (GEM) was successfully opened in Shenzhen on October23,2009. Since the first batch of28listed companies traded on the GEM on October30.2009, the GEM market in China established only two years. The launch of the GEM is to improve the level and structure of China’s capital market, an important measure to expand the depth and breadth of capital markets, a financing platform for a large number of independent innovation and growth start-ups. However, China’s GEM market is in its infancy, not yet ripe for the development of the market, not perfect and systemic in specification in many ways. The binding of the GEM shares of listed companies, dividend regulatory, raised funds over the use, delisting system is not enough in dividend policy. From the dividend distribution program of successfully listed companies, the formulation of most of the company’s dividend policy is arbitrary, and the dividend distribution behavior is not standardized.In this context, combines with the particularity of the GEM, we list status of the company’s dividend policy, characteristics, deciding motivation, influencing factors and problems in-depth research and put forward policy and recommendations for guiding. In order to base on the enrichment our dividend policy contents of companies listed on GEM, conducive to the decision for the company’s dividend policy in the future, helps investors accurately to assess the growth of the companies, and help to protect the shareholders, investors, creditors and the company’s own interests. In the context of the current theory and practice, this study has great current significance.This paper is divided into six parts; the main content is as follows:The first chapter is an introduction, mainly describes the background and significance. Combines the importance of dividend policy and the particularity of GEM, constructs the ideas and the basic framework, and points out the possible existence of innovation and shortcomings in this paper.The second chapter is dividend policy theory and literature review. First we introduce the definition, form, content, comparative advantages and disadvantages of dividend policy. Dividend policy as an important decision of a company has always been the concern of the domestic and foreign financial theorists. Then this chapter reviews and evaluates the relevant literature on dividend policy from the two perspectives of foreign and domestic, explains the dividend policy theory with this study.The third chapter introduces the characteristics of dividend policy of companies listed on GEM. This chapter chooses the271companies listed successfully on the GEM before October31,2011, conducts in-depth study on the dividend distribution program by citing large amounts of data from2009and2010Annual Report, Quantitatively and qualitatively analyzes and evaluates the dividend distribution behavior of companies listed on GEM, to elaborate on the overall characteristics of the dividend policy of the Chinese companies listed on GEM, to identify the motivation of the company’s management to develop dividend policy.The fourth chapter is to analyze the influencing factors of companies listed on GEM. This chapter classifies the influencing factors into two levels and makes a detailed introduction:one is external factor-environmental perspective and the other is internal factor-the company perspective.The fifth chapter is a case study of dividend policy of the company named Ultrapower. This chapter selects a highly representative company listed on GEM -Beijing Ultrapower Software Company on the basis of the previous text of the theoretical study. Through the detailed analysis of the operating conditions and the dividend distribution policy last two years of Ultrapower, we find the characteristics and motivation of dividend policy; finally elicit relevant recommendations for existed problems by combining the actual situation of the company.The sixth chapter indicates the conclusions and policy recommendations of dividend policy of company listed on GEM. This chapter based on the combination of the foregoing theoretical research and case analysis, make conclusions for the actual problems of the GEM market and listed companies, then propose policy recommendations from the company’s own condition, system of policy, the external environment, etc.This paper attempts to achieve innovation in the following characteristics:Firstly, this paper is a comprehensive analysis of the dividend policies of companies listed on GEM, we find that they have similar characteristics such as diversity and concentration in dividend payment ways, high proportion of transferred to share capital and cash dividends. The motivations of all above characteristics are various; contain Re-financing system, high growth of a company, external speculative institutions, raised funds over the use and the company itself.Secondly, this paper sorts to the influencing factors into company internal and environmental perspective. The company perspective includes the characteristics of ownership structure of listed companies, company size and operating conditions, the company’s reputation and governance, the company re-financing needs and the company’s financial ability, etc. The environmental perspective contains the laws and regulations, degree of maturity of the market, macroeconomic, inflation, Re-financing environment and investment environment, etc. The summary of the above influencing factors has instructive significance on dividend policy decision for the managers according to the actual situation of the company listed on GEM in future.Thirdly, this paper chooses a successful example to case analysis. Through the case study of the Ultrapower Company, we find that this company doses the phenomenon of high level dividend, high stock price and ultra-raised. This case analysis both provides a theoretical support for the characteristics and motivation study above, and provides concrete evidence to reveal the existing problems in dividend policy of companies listed on GEM.Finally, this paper formulates the specification and recommendations on dividend policy regarding the market system, the issue of delisting system, ultra-raised funds to use the system, listed companies to their own circumstances, to promote a benign growth of the companies listed on GEM, safeguard the legitimate rights and interests of the shareholders and investors.Of course, GEM as an emerging thing in China’s capital market development, unsuspiciously has great uncertainty in the future development of the road. Companies listed on GEM as groups of high-growth small and medium-sized enterprise, also have uniqueness from the Main Board listed companies, so there are many problems need to be studied. The shortcomings of this paper are lack of empirical research model support, and some problems but not least are not in-depth discussions which relates to the subject. |
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