Empirical Research On Influencing Facotrs Of Listing Corporaiton Dividend Distirbution Policy Of China’s Growth Enterpirse Market

Dividend distribution policy as an important financial activity of moderncompany, since1956, has been subject to academic attention. The effect of dividenddistribution policy involves not only the impact of the proceeds to investors, whilealso passing information to the market business conditions. Many factors that affectdividend policy reasons, research scholars from various countries on the dividendpolicy has not yet formed a unified conclusion, but they come to all sorts, all kinds ofcompletely different conclusions.The growth enterprise market in China on October23,2009successfully openedin Shenzhen. Since the first batch of28companies listed in the October30,2009traded on GEM, GEM of the fourth anniversary of the establishment of just time. Asof April30,2013there are355listed companies have been listed for trading. Gem asChina’s capital market new products, the present situation of dividend policy presentsthe characteristics and the present condition of the motherboard market is verydifferent. Because, so far, the GEM was founded only four years time, our countrybelongs to the emerging capital market, the study of scholars dividend policy on GEMmarket is still less developed GEM listed company dividend policy also not perfect.Therefore, the research paper at home and abroad through the classical theory ofdividend policy to carry out empirical research based on the reading of the GEMdividend policy basis for more in-depth study conclusions have been drawn on, try toGEM Dividend An Empirical Analysis of factors affecting the policy, so as to enrichthe current theoretical system.In this paper，Based on the GEM listed company related data of2009-2012assample,using SPSS19.0statistical software and the use of factors econometricsmultiple linear regression analysis of GEM empirical dividend policy inspection, thatidentify the important factors.The paper is divided into seven parts: the first part is the introduction, the secondpart of related theories, this paper reviews the related literature at home and abroad,the third part analyze the characteristics of GEM listed company’s dividend policy, thefourth part analysis the internal and external factors affecting the dividend policy, Thefifth part of each dividend distribution policy factors empirical test, the sixth part ofeach factor with case allocation policy for further validation of GEM listed companydividends, Part VII policy recommendations based on the results of the previousconclusion.