Analysis Of The Factors Of Dividend Distribution And The Impact On Corporate Value In SME Board

Dividend distribution is the strategy of the reinvestment of the retained earnings or assigning to the shareholders,with financing and investment together constitute the three core elements of modern corporate finance.It is one of the key factors affecting the value of the enterprise.Since our stock market established,due to the differences between the plates,industries and preferences of the shareholders,form different dividend distribution.Since the SME board established,although the management of SME board has gradually matured,the dividend distribution of SME board still has the problem of "high delivery and high increase ".On the basis of reviewing the theory and policy of dividend,this paper explores the influencing factors of SME dividend policy and the effect of such policy on enterprise value through empirical research.Then choose Dong Jiang environment Co.Ltd.,as a case to verify the above conclusions.The results show that the ownership concentration,profitability,growth and solvency have significantly affected the dividend distribution policy of SME board enterprises.The excess dividend is not conducive to the improvement of the enterprise value.We found that SME high-profile increase policy always relate to a single or multiple shares of the ownership structure.By analyzing the two economic connotations of the value of the firm,we found that the shareholders showed a negative reflection of the dividend policy.This phenomenon shows the major shareholders seriously violated the interests of small shareholders.Taking Dong Jiang environmental protection as the breakthrough point,this paper puts forward some policy suggestions on the dividend distribution of the SME board from the five levels: the supervisory level should perfect the dividend supervision regulations and the capital tax system,strengthen the policy disclosure;Report the idea of shareholders,while optimizing the corporate governance structure.This paper has some implications for the optimization of corporate governance structure and the requirement of dividend distribution by legal and regulatory authorities,the establishment of reasonable investor protection mechanism and the creation of good dividend distribution environment.