A Research On The Influence Of The Value By The Listed Company Dividend Policy In GEM

On 23 rd October 2009, the growth enterprise market in our country started its operation successfully in Shenzhen. The establishment time for the growth enterprise market in our county is not long, since 30 th October 2009 on which 28 listed companies as the first group hung out their shingles on the enterprise market. The operation of the growth enterprise market not only can improve the level and structural system for the capital market in our country, but also is the important action which can expand the deepness of our capital market. It provided the financing platform for a large number of growth-type enterprises and enterprises which based on independent innovation. However, the growth enterprises market in our country is on the early development stage with immature market development and in many aspects, there are no systemic and perfect institutional norms. On the aspect of dividend policy, growth enterprises market has no effective restriction to the problems such as the stock issue, the usage of excessive fundraising, the supervision for the dividend distribution and delisting provision in the listed companies. Form the schemes of dividend distribution in the companies which have made the trading successfully in growth enterprise market, in many companies, their dividend policies have strong randomness and they have no very standard norms for the dividend distribution behaviors. There are five parts in the paper:The first part in the paper is the introduction, mainly including the research background, research significance, research thought, research framework for the paper and the literature reviews at home and abroad.In part two, the writer introduced the dividend theory and dividend policy, mainly including two parts: the meaning of the dividend policy and the dividend theory; the types of the dividend policy and the forms of dividend distribution.In part three, the writer introduced the problems about the dividend policy and dividend distribution in the listed companies on growth enterprise market and the enterprise valuation method. Firstly, the writer summarized the features of the listed companies on growth enterprise market. Secondly, combined the dividend theory, the writer introduced the dividend policy and its features in the listed companies on growth enterprise market. Thirdly, according to the current situation of the dividend distribution on the growth enterprise market, the writer made the statistics for features of the dividend distribution. At last, based on the feature analysis, the writer put forward the problems which existed in dividend distribution in the listed companies on growth enterprise market.In part four, the writer made the case analysis for the dividend policy in ultrapower. Firstly, the writer introduced the stock rights, general situation of the organization and main business of Ultrapower. Secondly, the writer analyzed the current situation and the features of the dividend distribution in recent years. Thirdly, the writer described the assessment method for the enterprise value and by such method, we can research what influences for the corporate value which were caused by the dividend policy in Ultrapower. At last, for what dividend policy Ultrapower should adopt, the writer put forward his own opinion.In part five, the writer put forward his own suggestion for establishing the standard for dividend policy for the listed companies on growth enterprise market in our country. The suggestions can be put forward form the optimizing of internal and external environments, i.e., optimize the issuing system, made strict standard for the using of fundraising, made strict norm for the senior executives who want to change their share into money when they resign, pay attention to improve the profit level and profit quality and formulate reasonable and effective dividend policy and so on.