An Empirical Study On The Effect Of Dividend Policy Of Growth Enterprises Market Listed Companies On Enterprise Value

The Growth Enterprises Market(GEM)came into being in order to solve financing difficulties of the small and medium enterprises of high-tech and growth.As of December 31,2015,492 companies have been listed on the Growth Enterprise Market.Initially,the dividend policy of the GEM market has the characteristics of “high cash dividend”and“high transfer”.In recent years,this phenomenon has been down,but there is still a large proportion of listed companies to pay high levels of cash dividends and a high proportion of share equity.On the other hand,the most reasonable goal of financial management has been recognized as to maximize the value of the firm.GEM listed companies should focus on this fundamental goal to develop a reasonable dividend policy.Therefore,it is of great practical significance to study the effect of dividend policy of listed companies on enterprise value.This thesis reviews the domestic and foreign research literature,summarizes the basic theory of dividend policy and enterprise value,and analyzes the characteristics of China's listed companies and its dividend policy.On this basis,this thesis studies the impact of the dividend policy of the listed companies on the enterprise value.The empirical study is divided into three steps: In the first step,the gray relational model is established,and the factors influencing the enterprise value besides the dividend policy are selected from the four dimensions of solvency,operation ability,profitability and development ability as the control variables of the subsequent multivariable linear regression model,enhancing the credibility of the empirical results.The second step,the stability of the linear relationship between the Tobin Q value and the other independent variables is tested by the correlation analysis,which provides the basis for establishing the multiple linear regression model.The third step,select the 2009-2015 GEM listed companies as the object of study,after screening a total of 403 sample companies,1 862 sample data.The explanatory variables are TBQ,and the explanatory variables are“high cash dividend”and“high transfer”.The control variables are quick ratio,total asset turnover,return on assets,capital appreciation and value-added rate and firm size.From the two dimensions of cash dividend policy and stock dividend policy to make assumptions,establish multivariable linear regression models to test whether the hypotheses are true.Finally,the empirical results are tested by partial correlation analysis,and the empirical conclusions are obtained.The results of empirical analysis show that there is a significant negative correlation between the“high cash dividend”and the enterprise value of listed companies on the GEM,and the“high transfer”is positively correlated with the enterprise value.At the same time,the return on assets is proportional to the enterprise value of the listed companies on the GEM.The scale of the enterprise and the value-added of the assets are inversely proportional to the enterprise value.The quick ratio and the total asset turnover rate are not significantly linear with the enterprise value.