(1) dividend and company value: the increase or decrease of dividend is closely related to the stock price or company value. Dividend policy conveys the information of the future profitability of enterprises to the capital market, which can attract more investors; Dividend policy is helpful to slow down the agency conflict between management and shareholders. , can attract more investors; The relative change between dividend income tax rate and capital gains tax rate directly affects the interests of investors.

Dividend and capital structure: cash dividend payment will change the existing capital structure of enterprises; When an enterprise decides its dividend distribution policy, it must pay dividends to its capital structure. For enterprises with high debt ratio, we should distribute less cash dividends and keep more profits in the enterprise to increase the proportion of shareholders' equity; On the contrary, for enterprises with low debt ratio, they should pay more cash dividends and keep less profits, thus reducing the proportion of shareholders' equity. (3) Dividends and cash flow: When making dividend distribution policies, enterprises must consider the company's cash flow and the company's actual ability to pay. According to the agency theory, the cash flow closely related to the company's dividend policy is free cash flow, and the greater the free cash flow, the higher the company's dividend payment level.