The Impact Of Stock Dividends Of Gem Listed Companies On Corporate Value

As early as 1998,China has already put forward the intention to set up the GEM market.After the steady development of the securities market,the GEM was officially listed on the Shenzhen Stock Exchange on October 23,2009.The aspects have been greatly improved.The GEM is mainly a securities trading market that provides financing channels and development space for entrepreneurial enterprises,SMEs and high-tech enterprises that cannot be listed on the Main Board for the time being.It is a new sector in China's securities market and is important to the main board market.Supplement,and occupy an important position in the capital market.As one of the core contents of the company's financial management,the dividend policy has always been the focus of investors' attention.A reasonable dividend policy is conducive to the company's financial management objectives of maximizing corporate value.Due to the short development of the GEM market,there is relatively little research on the stock dividends and corporate value of listed companies on the GEM.The results of the main board research are not applicable to the GEM,so there is no clear conclusion to prove which stocks.Dividends can improve the company's corporate value.Therefore,the research in this paper will help to improve the relevant theory of the relationship between stock dividends and corporate value on the GEM,and can promote the development of the GEM market and provide investors with a rational judgment on the dividends of the invested companies.The distribution policy provides some ideas to promote the development of China's securities market.First of all,this paper introduces the research background,significance,method and content framework,and carries out a literature review of stock dividends and corporate value.The related concepts of stock dividend and corporate value are defined,and the related research theories are sorted out.The principle of factor analysis and panel data model are explained in detail,which lays a solid theoretical foundation for the empirical research.Then,this paper mainly studies 717 GEM listed companies that issue stock dividends in 2013-2017 through factor analysis and panel data model,and selectsprofitability,operational capability,solvency and growth ability.Among the 11 financial indicators,the factor analysis method is used to determine the public factors affecting the enterprise value,and the factor score is used to measure the enterprise value.Then the panel data is used to determine the enterprise life cycle,stock dividend payment rate,company size and factor analysis method.A model is established between the corporate values to examine the impact of stock dividends on corporate value.The dividend rate is then used instead of the stock dividend payment level for robustness testing.Finally,through multi-faceted research and analysis,the empirical analysis shows that the enterprise life cycle,company size and stock dividend payment level of the GEM listed companies are positively correlated with the enterprise value,and the results meet the given level of significance.Finally,based on the relevant theories and empirical analysis results,from the perspective of GEM listed companies,regulators,investors,the relevant recommendations:GEM listed companies should choose a dividend policy suitable for their own growth stage,strengthen internal control,management Reasonable use of super-raised funds;regulators should improve laws and regulations on stock dividends and regulate relevant delisting systems;investors should enhance their legal awareness and learn to invest rationally.At the same time,it points out the shortcomings in the research and makes further prospects for the follow-up research.