Research On The Impact Of High Dividends On The Corporate Value Of GEM Listed Companies In My Countr

As the most important form of dividend distribution,cash dividends are favored by investors.However,for enterprises,the more dividends there are,the less remaining funds can be used for business development,so cash dividends are likely to cause higher financing costs,so listed companies in China tend to adopt a conservative attitude to pay less dividends or no dividends to reduce the possible cost of funds.In order to alleviate this phenomenon,in2012,the China Securities Regulatory Commission proposed that listed companies should increase cash dividends,focusing on the "iron rooster" phenomenon.However,with the advancement of the policy,the continuous expansion of the scale of cash dividends of listed companies on China’s Growth Enterprise Market has also produced a series of phenomena of abnormally high cash distribution of enterprises.Therefore,based on the dividend payment characteristics of Chi Next,this paper analyzes the high cash distribution situation of Chi Next mainly through the combination of empirical evidence and cases,and attempts to discover the impact of the dividend distribution method on the enterprise value of Chi Next listed companies in China,hoping to provide a certain reference for the implementation of the dividend policy of GEM listed companies in the future.Based on the relevant literature and theory,this paper selects the data of Chi Next listed companies from 2014 to 2021 and 2017 to 2021 as samples,establishes a multiple regression model,and studies the impact on enterprise value from the aspects of cash distribution level and high cash stability.Finally,it is concluded that:(1)high cash distribution can enhance enterprise value to a certain extent,but the effect of non-high cash distribution on enterprise value is more obvious;(2)The stability of high cash current behavior has a positive impact on the enhancement of corporate value.On the basis of theory and empirical evidence,Slack Company was selected as the case analysis object,first analyzed the implementation basis and motivation of its high cash distribution,and then studied the short-term,long-term and intrinsic impact of high cash distribution on enterprise value from the aspects of market response,Tobin Q value and market value,and confirmed some research results.Finally,the research conclusions of this paper are summarized and relevant suggestions are put forward.However,because enterprise value is affected by many factors,although Tobin Q value is selected as the standard for measuring enterprise value,it still cannot completely replace enterprise value,and further improvement is needed by subsequent researchers.