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First this paper the research results at home and abroad were summarized, and the research results at home and abroad are analyzed, explained the deficiencies; Then the dividend policy related concepts were introduced, and then the statistical description of the listed companies in China of the present situation of cash dividend policy, its features embodied in the following points: cash dividend distribution proportion of the company is not big, send now level is low, dividend distribution lack of stable continuity, the ability to send now growing phenomenon. According to the theory of the above described, and then began to cash dividend and company value, this paper through the analysis of the listed companies in China 2008-2010 years and the relationship between share out bonus Tobin Q, found in our country securities market in high dividend yield instead of the company have lower corporate value, rather than cash dividends of listed companies' market value but higher than the market average, this does not accord with Gordon proposed "dividend effect hypothesis".
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