An Empirical Research On Cash Dividend Payout Of Listed Companies On GEM

Dividend not only can reflect the company’s current profitability and cash flow, but also can predict future developments and future prospects of the company’s operating level. Therefore, investors often tend to it as an important reference standard of investment value of listed company. However, Chinese capital market always highlights financing-oriented, but do not attach importance to investor protection, which make dividend distribution in a low level. With recent introduction of a series of encouraging the cash dividend laws and regulations awareness of returning shareholder has been greatly enhanced. In particular, since GEM established in 2009, "high returns" received a lot of attention. But current trends suggest that dividend will continue to decrease and lack stability. Also, in most companies, financing and dividend payout always go together. So it is necessary to analyze the dividend distribution of GEM listed companies combined with the financial situation of listed companies, to find out the main effect factors which of cash dividend distribution.Working on the improvement of the level of cash dividend payouts, based on traditional dividend theory and dividend status of GEM, as well as analysis of GEM listed company character, this paper establishes Logistic model and the multivariate linear regression model to find out the factors which influence the cash dividend distribution of GEM. At the same time, in view of stability of dividend distribution on GEM, this paper chooses dividend partial adjustment model to make an empirical test. Finally, this paper draws some conclusions based on empirical results as followings: Those 12 financial indexes which greatly affect dividend payout are earnings per share and unaccommodated profit per-share, others respectively have little effect, especially ownership concentration which has no effect on cash dividend distribution, indicating that at present there is no transfer of benefits GEM behavior of large shareholders for cash; Dividend-payout rate is adjusted with fast speed and cash dividend distribution fails in maintaining stability.