Abstract: from 2009 to 2015 two city Shenzhen A shares of listed companies as a sample, to test the effect of semi mandatory dividend policy after the implementation of corporate governance and agency cost differences on the relationship between cash dividend and company value. The study found that: (1) the difference of agency costs will affect the relationship between the cash dividend and the value of the company, if the company has good governance mechanism to reduce agency cost, the cash dividend to enhance the value of the company will be greatly reduced. (2) cash dividends issued by listed companies are positively related to corporate value, but passive cash dividends do not have a strong correlation with corporate market value.

Key words: agency cost, semi compulsory dividend policy, ownership structure, corporate value