Empirical Study On The Impact Of Venture Capital On Cash Dividend Policy Of GEM Listed Companies

With the continuous promotion of a series of national policies and the continuous improvement of financial capital markets,venture capital has achieved unprecedented development in China.In today's era,the development of biotechnology,Internet technology,semiconductor materials and new energy is closely related to venture capital,which is not only in line with the requirements of national industrial policies,but also in line with the country's innovative development direction.As an “incubator” for high-tech industries,venture capital uses professional methods to gather idle funds,invest in high-growth and promising fields,and strive to improve the speed of development.As one of the three major financial management decisions of listed companies,dividend policy plays a vital role in the company's operation and management.Relevant decisions within the company can be expressed through the signals conveyed by the dividend policy,which affects the judgment of external investors.The form of cash dividends is the most common form of dividend policy distribution,which is highly praised by investors.Venture capital will still participate in the operation of the company as a shareholder after the listing of high-growth enterprises,which will have a great impact on the dividend policy to a certain extent.Due to the concentration of high-growth companies in the China Growth Enterprise Market,venture capital is also concentrated in the GEM.Compared with the listed companies in the main board market,the GEM market is now well known to everyone.This paper takes risk investment and GEM listed company's cash dividend policy as the research object.Taking the data of China's GEM listed companies in 2010-2018 as the research sample,it selects the risk investment participation,the proportion of venture capital shareholding,and the background of venture capital.As well as the explanatory variables of the investment period of venture capital,the cash dividend distribution willingness and cash dividend distribution level are taken as explanatory variables,and the descriptive statistics,correlation analysis,regression statistical analysis and robustness test are performed by Stata and SPSS.The research results show that the involvement of venture capital has a significant role in promoting the cash dividend policy of listed companies on the GEM.The investment ratio of venture capital,non-state-owned venture capital,and venture capital investment are all related to the cash dividend policy of GEM listed companies.Significant positive correlation.This paper studies the impact of venture capital on the cash dividend policy of listed companies on the GEM to improve the legal environment,strengthen the supervision and management mechanism,improve the operating status of listed companies and effective investment by external...