A Comparative Analysis Of The Factors Affecting The Dividend Policy Of Listed Companies In China's Main Board And Growth Enterprise Market

In recent years,China's capital market has developed rapidly.But compared with the Western developed countries is not yet mature.Main board market was established in 1990.In previous years was called "iron cock" due to the low level of dividend distribution.This situation had improved since the introduction of the relevant regulatory policy in 2004.The multi-level structure of China's capital market began to take shape after the establishment of the GEM in 2009.At the beginning,the GEM market has attracted much attention,due to the high distribution of cash dividends,high level of shares.Dividend policy as one of the most important financial activities of listed companies has been widely concerned by scholars,but the "dividend mystery" still exists.Listed companies need to develop dividend policy,according to the dividend policy factors,which is more conducive to their own development.China's capital market is affected by regulatory policies.Although the policies have achieved some success,the rationality of the "one size fits all" policy still needs to be discussed.At present,there are a large number of domestic scholars studying on the factors affecting the dividend policy.These studies are based on internal factors,but the results show that the factors have had different effects on the two markets.Moreover,the studies in domestic are more concerned about the single market.There is little comparison between the motherboard and the GEM market.Although these documents suggest that there are differences in the factors affecting the dividend policy on the Main Board and the Growth Enterprise Market,but the conclusion is not consistent.Therefore,this paper argues that it is necessary to make a comparative analysis.In this paper,the basic theory and influencing factors of dividend policy are sorted out by literature research and theoretical research.This paper selects the data from Chinese motherboard market and the GEM market in 2009 to 2015.Using descriptive statistical methods,listed companies in China's main board market are more likely to use a single dividend distribution of cash dividends,while the use of cash dividends and mixed dividends are not very different in the GEM.In general,the cash dividend of listed companies in the motherboard market is lower than in the GEM market.And then use the multiple linear regression analysis method to analyze the influencing factors of the cash dividend policy.The results show that the influence of each factor on the cash dividend level of the listed companies and the listed companies is not exactly the same under the premise of choosing the same independent variables.The size of the company on the motherboard market negative impact on the GEM.Short-term solvency has not significant impact on the main board and has positive impact on the GEM.Ownership concentration on the motherboard has an impact but the direction of uncertainty,while the positive impact on the GEM.The lifecycle has a negative impact on the motherboard and has no impact on the GEM.The growth factor has no effect on the cash dividend level of the Main Board market and has a negative impact on the cash dividend level of the GEM.The growth factor has no effect on the cash dividend level of the Main Board market and has a negative impact on the cash dividend level of the GEM.So this paper can make recommendations for corporate managers,regulators,and investors.This paper compares the main board market and the GEM,analyzes the similarities and differences between the two market dividend policies,and helps to explain the different dividend policy performance and influencing factors of the main board market and the GEM,which can help listed companies develop dividend policy more conducive to its development.In addition,explore the current "One size fits all" regulatory policy's rationality and provide new ideas and policy advice to regulators.What is more,it can help investors invest more reasonable.Finally,the research of this paper enriches the research content in this field,and contributes to the healthy and orderly development of China's capital market.