Using firms’ dividend data of listed companies in 2012, this paper makes an empirical research on the impact of the new dividend rule for IPO firms(issued on November 2011) on firm’s dividend payout behavior and investment levels. We document that IPO firms after the passage of the new regulation have significantly higher probability and level of dividend payments and dividend payout ratio than their counterparts before the new rules, which suggests that the new dividend policy increases the levels of dividend payouts for public firms. In addition, firms with large shareholders increase the probability of payments but decrease the level of payments and payout ratio. What’s more, IPO firms after the new regulation have significantly lower investment levels than IPO firms prior to new regulation.