Research On The Imp Act Of Venture Capital On Cash Dividends Of GEM Listed Comp Anies

Since the reform and opening up,venture capital has gradually begun to show its head.It has appeared in the public's field of vision as a new investment method.Since the 1980 s,the Chinese government has carried out preliminary research on the development of the venture capital industry and responded accordingly.Introduce a series of encouraging policies to stimulate the growth of venture capital in China.By 2020,venture capital has a growth history of nearly 40 years.During this period,both the amount of funds raised and the number of institutions have increased to a large extent.Now,venture capital has become one of the indispensable roles in China's economic field.His presence has greatly stimulated the development of China's high-tech industry and has become the core force of the capital market.Since the launch of the GEM market,most of the "ecstatic stocks" circulating in the market have come from GEM listed companies.The phenomenon of "high distribution" has aroused widespread concern in the academic community.Many domestic scholars have explained this phenomenon from different angles.Dividend policy is one of the most important financial decisions of listed companies,it is a bridge to maintain company stability and investor information,and an important channel to ensure the stability of the capital market.On the other hand,the launch of the GEM has attracted a large number of venture capital institutions It expands the exit path of venture capital and promotes the development of venture capital.This article links the two and explores the involvement of venture capital and the form of intervention that affects the dividend policy of listed companies.This article selected 788 GEM listed companies from 2015 to 2018 as a sample,and the number of samples was 3060.It systematically studies the impact of venture capital intervention,the proportion of venture capital holdings,the nature of holdings,investment methods and the background of venture capital on the dividend distribution willingness and distribution level of GEM listed companies.The empirical results show that:(1)Listed companies with venture capital involvement are more willing to distribute dividends and pay higher.(2)Among listed companies,the higher the proportion of venture capital holdings,the more willing they are to distribute dividends,and the higher the level of payment.(3)When the venture capital holds circulating shares,it does not tend to distribute dividends,and the payment level is lower.(4)When the venture capital investment method is joint investment,the listed company is more inclined to distribute dividends and the amount is higher.(5)When the venture capital has a state-owned background,it d oes not have a significant impact on the dividend policy.This article organically combines the two areas of venture capital and dividend policy,enriches the research related to venture capital and dividend policy,and explores how venture capital affects the governance and financing level of GEM listed companies,so that everyone has a for a deeper understanding.