中小企业板上市公司股利政策分析-analysis on dividend policy of small and medium - sized enterprise board listed companies.docxVIP

II II Abstract Dividend policy is one of the three cores in Financ al activities of Modern Corporate,and its the connection between investors and companies .Through the formulation and implement of the rational dividend policy, the enterprise can pay some return to investors,and deliver some potential information to the market . After analysis on this information, investors can rationally adjust their investment . So the research on the dividend policy of the listed companies does have important theoretic and practical significance. The SME board (The small and medium -sized enterprises board) is a special kind of board.It is independent of the main board ,and also it is the transition to the GEM board.Therefore,this paper aims at analysis the dividend policy of the listed companies of SME board,and summarizes the characteristics and impact of the dividend policy of the SME board listed companies .Then the paper combines with case studies to raise some proposal which can further guide and standardize the SME board listed companies dividend policy.The SME board listed companies have those characteristics:small dividend,good growth,and better profits.And many are the leaders in the sub-industry.But most of these enterprises are private ,in which a considerable number of private enterprises are family business . So the phenomenon of “one big dividend” is very serious. Compared with main board ,the SME board has better profitability,so the ash dividends are general .The SME board has small dividend,good growth,so the phenomenon of accumulation is often found turning to increase subscribed. After comparing with the dividend policy of the main board ,the paper takes Elec-Tech International Co.Ltd as an example to analyse. The paper comes to these conclusions: First,the SME board listed companies have the serious phenomenon of one big dividend,so there is a serious agent conflict between the bigger shareholders and the smaller shareholders .The bigger shareholder sacrific