A Study On The Impacts Of Dividend Policies Of The Gem Listed Companies

Dividend distribution policy is the core content of modern financial management, operation and management in the company plays a vital role. The growth enterprise market in our country belongs to the emerging capital market,dividend distribution policy on the growth enterprise market research is relatively scarce. Due to the gem listed company ownership structure and characteristic of the particularity of its dividend distribution policy shows the characteristics of the very different from the main board market. So, it is necessary for the gem listed company's dividend distribution policy characteristics and influencing factors of concrete study, rational judgment gem listed company's dividend information for the investors to provide some ideas.This paper reviews and summarizes the domestic and foreign related literature relating to the dividend distribution policy, this paper introduces the relevant theories of dividend policy, analyzed the characteristics of the gem listed company's dividend distribution policy and internal and external factors, and the internal factors are empirically, based on the cash dividend and capital reserves turn add equity of two kinds of dividend distribution policy related assumptions,selection of 2013-2015, the gem listed companies as research samples,respectively from the aspects of the company's financial situation, ownership structure, such as selecting representative variables, using descriptive analysis,correlation analysis and multiple linear regression method for the gem listed company's dividend distribution policy of internal influence factors are analyzed.The study show that the gem listed company cash dividend distribution level and profitability, solvency, and abundant cash flow, equity concentration was significantly positively related; And the growth ability and investment opportunities has significant negative correlation; With the company size and operating ability, there is no significant correlation. Capital reserves turn add equity and significant positive correlated to the capital reserves, has a significant negative correlation with equity. Finally, according to the conclusion of theoretical analysis and empirical test from the perspective of optimizing internal and external environment, put forward the related Suggestions to perfect the gem listed company's dividend distribution policy.