The Role Of Venture Capital On Dividend Policy Of Listed Companies:Evidence From GEM

In the 1980s,China's government began to explore the development of venture capital industry,and introduced a number of incentive policies to stimulate the development of domestic venture capital industry.Up to now,the domestic venture capital industry after 20 years of growth,regardless of the number of institutions or the amount of investment,China's venture capital industry development is very fast.China's venture capital has been an important participant in building a social market economy with Chinese characteristics,not only has played an important role in promoting the development of China's hi-tech industry,but also has become an important force in the development of today's financial market.Since the launch of the GEM,the GEM listed company "high distribution" of the dividend policy on the one hand in the secondary market by the majority of investors sought after,the secondary market,most of the "Yao Xian" are from the GEM "high distribution" listed companies;On the other hand,the dividend policy of the GEM has also aroused wide concern of scholars,many scholars from different aspects to explain the GEM listed companies "high distribution" phenomenon.As we all know,dividend policy as an important financial decision-making of listed companies,on the one hand,investors share the operating results of listed companies an important path,on the other hand is to maintain the stability and prosperity of the capital market an important tool.This article is based on the perspective of venture capital intervention to explore the impact of venture capital investment and its characteristics on the dividend policy of listed companies.The GEM listed companies during 2013-2015 as samples,involving a total number of listed companies is 492,the number of samples is 1251,investigated the involvement of venture capital,venture capital shareholding,venture capital holdings properties,venture capital investment and venture capital background on the intention of dividend distribution and the dividend level effect,got the conclusion:(1)venture investment and dividend distribution of listed companies is negatively related to probability,that the dividend and the best choice is not the risk investment return on investment;(2)the risk of investment holding shares and the dividend distribution of listed companies is negatively related to the level of risk investment,the higher the stake,the dividend level is low;(3)when venture capital holdings are non tradable shares,more inclined to dividend distribution to obtain investment income;(4)Whether the investment in venture capital investment is joint venture will not affect the dividend distribution of listed companies on the GEM;(5)state The background of venture capital tends to policy investment,and has a greater preference for dividend distribution of listed companies.