| In recent years, the Chinese listed companies' dividend policy make much focus since high-payout are possible way for most of corporations ,especially for high equity concentration companies. What can explain the phenomena? the signaling theory, the governance policy, or large shareholders pursuing their private benefits of control right?This paper analysis the popular excuses about the phenomena, combining the present theories developing trend with the practice. First, this paper backdates previous study outcomes, and review the dividend theories skeleton, then analysis the actualities of cash dividend distribution and the equity structure of listed companies. Afterwards, it proposed three supposes:1. If high equity concentration companies' high cash dividend policy is because of signal the firms' information, based the signaling theory, increasing the cash dividend rate indicate the good profit with the equal equity concentration, and vice versa .And high equity concentration companies' profit would be better than low equity concentration companies' profit with the equal changes of cash dividends.2. If high equity concentration companies' high cash dividend policy is because of the governance policy about the right offering qualification, the number of the right offering companies would not be much less, contrasting years when the governance policy implemented.3. If high equity concentration companies' high cash dividend policy is because of large shareholders pursuing their private benefits of control right, based the Linter theory, companies' cash dividend change unstably, this paper consider that large shareholders pursuing their private benefits of control right results in the high-payout phenomena.According to above, on the base of the relevant references, this paper analyses the motive of selecting cash dividend policy with three parts. (1) The signaling motive. After selecting indexes of equity concentration, cash dividends and...
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