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风险投资对创业板上市公司现金股利政策影响的实证研究

更新时间:2019-10-29 08:57:36 浏览次数:

摘要:本文2010-2018年中国创业板上市公司的数据为例,研究风险投资对上市公司现金股利政策的影响。选取了风险投资参与与否、风险投资持股比例、风险投资背景以及风险投资期限作为解释变量,将现金股利分配意愿和现金股利分配水平作为被解释变量。研究结果表明风险投资的介入对创业板上市公司现金股利政策有显著的促进作用,风险投资持股比例、非国有背景、投资期限均对创业板上市公司现金股利支付意愿和水平有显著的正向影响。

本文结论对完善风投法律环境、加强风投监督管理、改善上市公司经营、指导投资决策等方面具有借鉴意义。

   关键词风险投资;创业板;现金股利政策


EMPIRICAL STUDY ON THE IMPACT OF VENTURE CAPITAL ON CASH DIVIDEND POLICY OF GME LISTED COMPANIES

Yu Zhou, Xingzhou Wang

      Abstract

This paper takes VC and GEM listed company's cash dividend policy during 2010-2018 as the research object. We select the VC participation, VC proportion, VC background and VC period as the explanatory variables, and the cash dividend distribution willingness and levels as explanatory variables. The research results show that VC has a significant role in promoting the cash dividend policy of listed companies on the GEM. The investment ratio, non-state-owned background, and the investment period all significantly affect the cash dividend policy of GEM listed companies. Our results have reference for governments to strengthening supervision and management mechanism, for firms to improving their operation, and for investors to investing effectively.

Keywords: venture capital, GEM, cash dividend policy