In May 2012, the Securities Regulatory Commission promulgated the notice of related matters about the further implementation of the listing companies' cash dividends. Based on China's A-share listed companies from 2010 to 2014 data, we analyzed the effect of the semi-mandatory dividends policy on the listing companies' cash dividend policy through empirical research. The results of research show that the policy facilitates the cash dividends of the companies which have higher rates of assets

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... liabilities, non state-owned holding and low profitability , but inhibits the cash dividends of the companies which have lower rates of assets and liabilities, state-owned holding and higher profitability. Overall, after the promulgation of the policy, the company which has the future financing pressure will be forced to raise the level of cash dividends, to meet the demand for refinancing, and the company which does not exist strong refinancing pressure will reduce the level of cash dividends.