Study On The Dividend Policy Of The GEM Listed Companies

In the financial management activities of the company, dividend distribution as an important financial activity, has been the company’s focus. At present, Chinese scholars has a lot of research and formed a rich theory of dividend policy, but it is mostly based on the main board. Due to the establishment of growth enterprise market for a short time, and is emerging capital markets, the scholars research dividend distribution policy on the GEM is less, and own GEM characteristics and ownership structure is special, leading to its dividend policy presents distinct characteristics compares with the main board. Therefore, it is necessary to study the dividend policies of listed companies on the GEM, and provide some ideas for investors to judge the GEM listed companies dividend information.The thesis uses normative research and empirical analysis method. At the first, review the relevant literature about the dividend policy, then describes the relevant concepts of dividend policy, and puts forward to the theory to explain the impact of listed companies’ dividend factors policy, then analyzes the companies listed on GEM dividend distribution characteristics and motivation, finally, from two dimensions, namely the impact of GEM listed company’s cash dividend and capitalization of capital proposes hypothesis, selects 2012-2014 GEM Listed companies as research samples, and from the company’s own structural characteristics, growth, equity structure and so on selected variables with the representative,using descriptive statistics and correlation analysis, and multiple linear regression method to analyze the impact of these variables on the GEM dividend policy.The results showed that: profitability, operating capacity, solvency, adequacy of cash,liquidity, ownership concentration with GEM listed companies cash dividend is positively correlated; the ability to grow with the GEM listed companies cash dividend is negative correlation; company size with GEM listed companies cash dividends is not significant;capital reserve with GEM listed companies capital reserves is positively correlated, the size of the share capital with GEM listed companies capital reserves is negatively correlated. Finally,based on the conclusions, puts forward some suggestions to perfect dividend policy.