Research On The Influencing Factors Of Cash Dividend Policy Of The GEM Listed Companies

For listed companies,the formulation of dividend policy is an important part of the management and management of the company.The research on this aspect began in the West.Since the 50s of last century,many scholars have made a thorough research on the dividend policy of listed companies.The reason why dividend policy can be favored by scholars is that there is a consensus in the investment market.Good dividend policy represents the company's good management status,and also conveys the signal with potential for development.For the company,the attractive dividend policy is also one of the important means for the enterprise to bring investors,which is beneficial to the future development of the company.Chinese scholars have less research on the dividend policy of the gem,and the main research is focused on the main board market.China's GEM companies are mostly private enterprises,and they are mostly family and personal holding companies.The GEM market provides financing platform for high-tech companies and capital operation,which is quite different from the main board market from the listing conditions to the business operation mode.After eight years of exploration and progress,the GEM market has effectively played the role of capital market resource allocation function,and is an important part of China's capital market.Exploring its dividend policy is of great practical significance.Based on the literature of dividend policy of scholars,this paper explores the specific factors influencing cash dividend policy of listed companies from two angles of financial characteristics and ownership structure.The object of this study is to organize the annual report data from the beginning of the founding of the GEM market in 2009 to 2016.This study focused on solving two problems:one is the tendency of cash dividend distribution of two choice,through the construction of logistic selection logic model,to explore the factors which affect the enterprise to make dividend allocation decisions.The cash dividend distribution intensity,through the panel data Tobit model,to explore the factors that can affect the distribution of many enterprises dividend.From the results of empirical analysis,we can see that in the 2009-2016 years observation data of the growth enterprise market,91%of the annual listed companies choose to distribute dividends,the number of distribution companies is large,but the distribution is not large,and the annual cash dividend is 0.15 yuan.The analysis shows that the company's profit level,the retained earnings level and the ownership concentration will have a significant impact on the cash dividend policy.The higher the profit level,the higher the level of retained earnings and the higher the degree of ownership concentration,the more inclined to allocate cash dividends,and the greater the distribution of dividends will be.The positive correlation between the retained earnings level shows that the undistributed profits accumulated over the years have also brought conditions for the dividend distribution.Ownership concentration is also an important index that affects the tendency of cash dividend distribution.The stronger the discourse power of controlling shareholders,the more inclined to distribute cash dividends.There may be a phenomenon of large shareholders occupying small shareholders' interests.GEM listed companies are mostly high-tech companies.They have high earning level and better growth and have the basis of cash dividend distribution.At the same time,GEM companies are mostly private enterprises.The controlling shareholders tend to recover their investments through dividends.The level of debt is the reverse influence on the policy of cash dividend,and the enterprise's debt pressure will reduce the tendency and strength of the dividend distribution.Based on this conclusion,this paper suggests that we should formulate reasonable and effective dividend policies combined with the actual situation of the company,and make dividend policy more closely related to company development rather than making dividend policy a one-sided pursuit of financing or opportunistic opportunities.The company's capital comes from shareholders,and one of the important missions of the company is to return the shareholders.Only the listed companies have good performance,so they have enough strength to maintain the interests of the investors.Therefore,the listed companies should pay more attention to the promotion of profit level,and pay more attention to the guarantee of the quality of profit.At the same time,we should optimize the ownership structure,and introduce the external shareholders to change the color of personal holding and family holding in the listed companies,so as to protect the legitimate rights and interests of small investors.Finally,we should formulate a strict distribution system and a delisting system to optimize the external environment.