Influencing Factors Research On The Dividend Policy Of The Listed Company Of SME Enterprises Board

Since the 1990s, China's listed companies have developed nearly two decades. In 2005, listed companies pursued the home equity changes, so the development of listed companies became more standardized. In recent years, the listed companies developed much better and the capital markets became more perfect. However, there are unreasonable phenomenon of dividend policy in listed companies, such as the dividend policy of listed companies lack continuity and stability. The dividend distribution of listed companies generally exist short-term behavior. Which damage the profit of investors, capital markets and listed companies themselves? Therefore, study and research on dividend policy of listed companies have a very important practical significance.On May 27, 2004, the SME(Small-and-Middle-Sized) Enterprises board created. It had great and far-reaching significance in the development of the history in China's capital market. It was the beginning in the construction of multi-level capital market in China. The SME Enterprises board provides a good finance platform of lots of middle-and-small enterprise .And it provides an exit channel through the capital market for venture capital in China. So the SME Enterprises board plays an important role in the modern economic development of China. By analyzing the dividend policy of the SME Enterprises board, investors can adjust their investment direction and investment strategy much better.This paper bases on analyzing the theory of dividend policy at home and abroad. We select the listed companies of SME board as the object of study.Select the SME board listed companies in this sector study. We select591 and 220 listed companies which conform to the empirical study; then, analyze their financial statements; next, select the sample listed companies, related data of profitability, solvency, liquidity, company size. On this basic, we design the 8 variables which include the net assets per share, earnings per share and other related variables. Next, we build logistic model to analyze which factors have significant effect on whether the listed companies carry on dividend distribution and build multiple regression model to analyze which factors have significant effect on the listed companies carry on cash dividend distribution.The empirical results show that: first, the listed company's profitability, solvency, growth, asset size and cash flow capabilities have significant effect on whether the listed companies carry on dividend distribution; Second, the profitability of listed companies, solvency, growth capability, asset size have significant effect on the listed companies carry on cash dividend distribution. And company dividends have significant impact; Third, liquidity of the listed company have no significant effect on whether the listed companies carry on dividend distribution and the listed companies carry on cash dividend distribution; and the cash flow capacity of the listed companies has no significant effect on the listed companies carry on cash dividend distribution.In addition, we also selected the listed company about the corresponding yea of board in Shenzhen as a sample to empirical analysis. Through analyzing the empirical results between the SME board and the board of Shenzhen, we compare the similarities and differences of the factors which have effect on the dividend policy between two plates. Through combing with empirical research result, we raise some suggestion on how to formulate much better dividend policy of SEM board listed companies in China.