Research On The Influence Of Dividend Policies On Growth Of GEM Listed Companies

Nowadays,the key part of the financial activities of the company are the three major policies,which are financing policy,investment policy and dividend policy.The dividend policy is the policy that determines how the company distribute the profit between the retained earnings and the shareholders' rights and interests.Dividend policy is an important issue cared by shareholders,in addition,it also affects the future development of the company.It is a key issue concerned by both the company's managers and shareholders,and it is also the inevitable result of the company's business activities.China's GEM market is in the early stage of development and high growth is the specialist characteristics.There are a lot of aspects that will effect a company's groth and dividend policy is one of them.According to related statistics,most of the GEM listed companies choose to pay dividend,only a very small part of the GEM listed companies choose not to pay dividend.The distribution of dividend and how to distribute the dividend of the GEM listed companies may have a certain relationship with their growth based on the existed researches inside and outside the country.Therefore,this paper studies the relationship between dividend policy and corporate growth of GEM listed companies,as a theory base for the following research.This paper selects the relevant data of GEM listed companies from 2009 to 2016 and puts forward the research hypotheses from whether to distribute dividend,cash dividend level and stock dividend level.Also,this paper designs relevant variables and builds a multivariate linear regression model.The SPSS20.0 statistical software is used to make a descriptive statistical analysis of the variables,and the multiple linear regression analysis is carried out from three aspects.Finally,the research conclusions are obtained.According to the conclusions of the empirical study,the suggestions for improving the dividend distribution policy of the GEM listed companies are propose,with a view to help GEM companies to develop dividend distribution policies that contribute to the growth of corporate,and promote the healthy development of GEM listed companies.