| The cash dividend is inevitably affected by shareholders, because the policy is one of the important financial decisions that directly affect the return on investment of shareholders. In recent years, venture capital gradually developed into the strong power which can help the small and medium-sized enterprises to develop from weak to strong.The successful launch of SMEs and GEM board have brought the development golden age of venture capital. Venture capital not only provides financial support, but also occupies a place in the board of management and participates in the daily operation and management of the enterprises. In this way, venture capital can influence the important decisions of enterprises and play the role of supervision and management.Firstly, the literatures of venture capital and cash dividend distribution are summarized. Secondly this paper analyzes the mechanism of the impact of venture capital participation on cash dividend distribution wish. And the mechanisams of impact of venture capital’s heterogeneity on cash dividend distribution wish and payment level are analyzed. Thirdly, the listed companies in SMEs and GEM from 2010 to 2013 are selected as research samples and Logistic regression model are constructed to test the impact of venture capital participation on cash dividend distribution wish. Finally, the listed companies in SMEs and GEM board which contain venture capital are selected as sample objects. And we research the impact of venture capital’s heterogeneity on cash dividend distribution wish and cash dividend payment level.The results show that the probability of cash dividend distribution of sample companies in SMEs and GEM board which contain venture capital is lower. The higher the venture capital holdings, the lower the probability of cash dividend distribution and the lower the level of cash dividend payment. For listed companies of GEM, compared with companies backed by non-tradable shares of venture capital, the companies backed by tradable shares of venture capital and financed by joint venture capital have lower probability of cash dividend distribution and lower level of cash dividend payment. The probability of cash dividend distribution and level of cash dividend payment are not significantly affected by state-owned or non-state-owned background of venture capital.For listed companies of SMEs, the nature of the venture capital holdings, the ways of investment and its background have no significant impact on the probability of cash dividend distribution and on the level of cash dividend payment. |
