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1、利，对企业价值的提高有积极影响；创业板上市公司持续稳定的支付现金股利，对企业价值的提高会产生有利的作用；较高的现金股利支付水平，不一定会有高企业价值的回报，反而会对企业价值产生不利影响；之后，选取创业板市场分配现金股利的上市公司中存在超能力派现行为的企业为样本，得出对于非理性派现行为之一的超能力派现，不仅不会降低企业价值，反而对企业价值有正面的作用；最后，企业的盈利能力与营运能力与企业价值正相关，企业规模与企业价值负相关。关键词：创业板上市公司，股利政策，现金股利，企业价值IIEmpiricalStudyontheRelationshipbetween，GEM
2、ListedCompaniesCashDividendandEnterpriseValueABSTRACTAsoneoftheimportantcontentofthedividendpolicy,cashdividendhasreceivedmoreandmorerecognitionsfrombothacademyandbusiness.Thedividenddistributionoflistedcompaniesshouldbebasedonthesufficientprofit,forbeingtheprincipalpartoflistedcomp
3、anies’profitdistribution.Theprofitisusedfordividenddistributionfirstlyandtherestistheretainedearningsofthecompany.Sothedividenddistributionpolicywillaffectcompanies’developmentgreatly,fullypresentingtheenterprisevalue.Inrecentlyyears,thereareplentyresearchesoninfluencefactorsofdivid
4、enddistributionpolicy,however,notformedaunifiedconclusion,leadingthe“DividedPuzzle”phenomenon.Since21thcentury,severallawsandregulationshavebeenestablishedinsuccessionasthestrengtheningoffocusonthispolicy,especiallythecashdividend.Fromtheverybeginning,GEMmarket,astheemergingpart,has
5、experiencednearlysixyears.Intheory,comparedwiththesmallandmedium-sizedboardorGEMlistedcompanies,themainboardonesshouldbemoreinclinedtothecashdividendforthelackofthepowerofrotatedincreasingsharecapital。Butinfact,fromthereportoflistedcompaniesinrecentyears,thesmallandmedium-sizedboard
6、andGEMlistedcompaniesshowmoreinterestoncashdividendthanthemainboardonesbecauseofrapidexpansion.Astocashdividend,GEMandthemainboardcompanyhavebigdifferences,butitisnotsosurewhatistheinfluenceofdividendpolicytothefutureofGEMlistedcompanies.Basedonthat,theauthoranalyzedthefinancialdata
7、duringtheyearof2009to2013,doingresearchesontherelationshipbetweenGEMlistedcompanies’cashdividendandenterprisevalueandlistingsomeadvicestohelpsupervisionorganizations,listedcompaniesandIIIinvestors.Thisarticlerespectivelyanalyzesthepresentsituationofthecashdividendpolicyintermsofover
8、alllistingCorporati
