In October23,2009our Gem was officially opened on the Shenzhen Stock Exchange board, with the2009Annual Report of the continuous disclosure in early2010, companies listed on GEM of the "High cash dividends""High percent of split stock" and "high growth" These characteristics become the major focal point of competing media reported. So far, Gem after nearly four years of development, and its dividend policy of "High cash dividends" and "High percent of split stock" now in people’s minds seems to have become the GEM dividend Policy synonymous. This paper aims to study abroad related to dividend policy theories and research results; contact our entrepreneurial sector dividend distribution policy of the actual situation of China’s securities market entrepreneurial sector. A multiple case study is conducted on the film industry companies listed on GEM, analysis why do the implement the high cash dividends and high transfer dividend policy, and then observe the change of stock’s price earnings ratio after high cash dividends. The research shows that companies listed on GEM, IPO excess recruitment, shareholders, capital scale and high stock price have an important impact on company management in "double high" dividend policy, and investors have irrational action to high transfer. |