From 2011 to 2013，CSRC put a higher pressure on the listed companies about their cash dividend policy after the semi mandatory dividend policy issued.In this background，we fi nd that cash dividend gets an positive effect from asset scale，fist shareholders ownership proportion，ROE and net cash flow，and gets an negative effect from asset liability ratio and growth capacity.Corporate lifecycle has a positive correlation with the willingness of dividend paying，but has a negative correlation with the level of dividend paying.Under higher pressure of regulatory，listed companies increased the willingness to pay rather than the level of cash dividend.In the same condition，Listed companies，using private placement to satisfy its refinancing demands，are not significantly to raise their willingness and level of dividend paying.