This paper adopted China's Economic Policy Uncertainty (EPU) compiled by Baker et al. (2016) to study the impact of uncertainty and other factors on the dividend decision of listed companies, from the macro and micro perspectives. Empirical analysis was performed by the fixed effects model. It was found that the rise of economic policy uncertainty and the economic depression will inhibit corporate dividend distribution, and that equity concentration is significantly positively correlated with

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... e level of corporate dividend payout in China. This paper extended on the study of policy uncertainty on corporate dividend distribution behavior, and concluded that the government should formulate transparent and stable economic policies, reduce the negative impact of uncertainty on enterprises, so as to promote the development of real economy. Literature Review In abroad, Jensen [1] proposed free cash flow hypothesis based on the agency, and believed that more cash dividends could be paid with equity concentration, reducing agency costs. Later, many scholars, such as Fama and French [2] , have introduced factors such as profitability, company scale and shareholding structure in the study of factors affecting dividend policy. After the financial crisis, many scholars came to observe the impact of the macroeconomic uncertainty on enterprises. What's more, with the introduction of the economic policy uncertainty, there were also researches on its impact on corporate activities. Pastor and Veronesi [3] from the perspective of shareholders, found that the increase of economic policy uncertainty made it difficult for investors to judge the development of the company, thereby reducing direct investment in enterprises.