Empirical Research On The Growth Of Small And Medium-sized Board Listed Company Impact Its Dividend Distirbution

The small and medium-sized enterprise board have been for seven years since launched inMay2004, by April13,2012, in the small and medium-sized board listing enterprise has reached665. Small and medium-sized enterprise board since launch in the past seven years, It'sdevelopment practice shows that the listed company's growth is core of the development in smalland medium-sized enterprise board market, In relative to the main-board markets, Thecharacteristics of the small and medium-sized enterprise board are that income growth is strong,profitability, high growth, this has attracted the attention of large Numbers of investors, small andmedium-sized board listed companies, government departments and other stakeholders. At thesame time,for the listed company, dividend distribution is one of its main financial activities, andwhether dividend distribution reasonable or not directly affect the enterprise's further developmentand growth. No matter for the company or investors, Dividend distribution is very important. Theformulation of dividend distribution policy is one of the important aspects of the listed company'sfinancial management, the listed company can through the dividend distribution to achieve thebalance of retained and distribution, realize the maximization of the shareholder wealth, help setup the good company image, and arouse the investors' enthusiasm in the company's continuedinvestment, So that the company get the conditions for the long-term stability development theand realize the goal of growth opportunities. The same as other listed companies, small andmedium-sized board listed companies' dividend distribution mainly involves the following severalaspects of the problem: whether make dividend distribution or not; If make dividend distribution,how much is distribution ratio; how is the distribution form? And small and medium-sized boardlisted companies' dividend policy is closely related with its growth. But in view of the dividendpolicy signal transfer theory, the listed company's dividend policy transfer the certain information.Management authorities of small and medium-sized enterprise board listed company also attachgreat importance to dividends' signal transfer function, therefore, may appear the condition thatthe company's dividend distribution policy is not agree with its real growth. So how the growth ofsmall and medium-sized board listed company affect its dividend distribution, dividenddistribution policy could truthfully reflect growth's high and low of the listed company. Therefore,the empirical research on the growth of small and medium-sized board listed company influenceon dividend distribution has an important practical significance.The paper choose83small and medium-sized board listed companies from Shenzhen StockExchange as research samples, and take2008to2010as the research annual interval, at the sametime, select rate of Capital Accumulation,growth rate of total assets,business income growthrate, operating profit growth rate,net profit growth rate, earnings per share growth rate, netassets yield growth rate and growth rate of net assets per share The eight commonly usedimportant financial index as a growth measure, using the factor analysis to analyze and evaluatethe growth of small and medium-sized board listed companies,and classify these companies intothe high growth companies and low growth companies. Next, The paper Put forwardcorresponding assumptions on how the growth of small and medium-sized board listed companieshave an influence On whether make dividend distribution or not, dividend payment level, dividend payment forms these three aspects, Meanwhile, take the method as descriptive statistics,varianceanalysis and Non-parameter test for inspection, and draw the following conclusions： high growthcompanies listed companies tend to make dividend distribution, and its dividend policy is moresustainable and stable; Both high growth companies and low growth companies' distribution formare more diversified, and both of them value cash dividend payment; There is significantdifference in cash dividend payment level between high growth companies and low growthcompanies, low growth companies' cash dividend payment level is higher than high growthcompanies', it means the growth and cash dividend payment level have an inverse relationship;There is no significant difference in send shares level and turn add shares level between highgrowth companies and low growth companies.According to the empirical analysis conclusion, the paper puts forward the correspondingcountermeasures from the small and medium-sized board listed companies, investors and thegovernment department these three aspects. Finally, the paper points out the shortcomingspossibly existing in the researching and directions in the future we should make great efforts.