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Empirical Study on Influencing Factors of Dividend Policy about Listed Companies on Growth Enterprise Market

Author: ZhangJing
Tutor: YeJianMu
School: Wuhan University of Technology
Course: Accounting
Keywords: GEM Listed Companies Dividend Policy Stepwise Regression Method
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 57
Quote: 0
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Abstract


Dividend policy, as one of the contemporary financial management activities, always gets full attention from the company. Currently, there have been a lot of analysis and research about the company’s dividend distribution policy, and there has formed a relatively rich dividend policy theory. However, the international financial community has been unable to reach a consensus. As a product of domestic capital markets newborn, opposed to the motherboard with a strict market threshold characteristics of the market, the GEM has relatively relaxed conditions and low barriers for the high-tech and high-growth potential of SMEs to entry. Thus, the GEM dividend distribution policy has its own unique characteristics and influencing factors. This thesis will begin from theoretical and empirical studies on dividends distribution policy of listed companies. Then it will analyze the present situation and characteristics of the listed companies’ dividend distribution on GEM, using a combination of theoretical and practical methods. And it will use empirical method to test the cash dividends’ influencing factors of listed companies on GEM. The thesis aims to improve the financial management and business activities of listed companies, and promote the companies rational management and distribution for protecting the interests of shareholders. At the same time, it can strengthen investors’ risk awareness and sense of investment, remind them to make rational investment.The thesis will use theoretical and empirical research methods to study on the cash dividend distribution of2010,2011and2012respectively, to analyze main factors of listed companies’ cash dividends on GEM. The study includes five parts: The first part describes the background and purpose, and systematically expounded the main research contents and methods used in the study. With the overview of GEM, the second part will clear related concepts of dividend policy and illustrate the general dividend policy, which is the basis of subsequent analyzes of dividend policy on GEM. In the third part, with the research object of all the listed companies on GEM, the thesis will study whether they distribute dividend, the main types of dividends and the dividend distribution policy and so on. Then it will analyze the influencing factors from both external and internal environment. The fourth part, using the stepwise regression method, we will discuss the influencing factors of cash dividend policy of listed companies on GEM from2010to2012, and draw the appropriate conclusions. The fifth part of this thesis will summary this research.Through the above theoretical and empirical analysis, the thesis draw the following conclusions:GEM-listed companies,90%of the companies will distribute dividends, of which paid in the form of cash dividends and conversed lord, with high levels of dividend payment and good continuity, but there is unusual behavior of distributing cash dividends. In the factors which affects cash dividends of GEM-listed companies:Profitability and ability of accumulate play important roles, positively correlated with the company’s cash dividend. Cash benefits, solvency also have positive correlation with the cash dividend, while the growing ability of the company is negatively correlated with the cash dividend distribution.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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