Abstract: Is there any connection between the dividend policy of listed companies in China and their governance structure? How much premium does the company's top management are willing to pay for a well-governed company? In view of the dividend issue of listed companies, the data of China A-shares and " A+H” stocks in the CSMAR Economic and Financial Research Database from 2008 to 2015 were compared to investigate the relationship between elite governance and dividend policy in the operation of the company. The study found that the higher the shareholding ratio of the largest shareholder in the A-share sample, the more the company tends to issue more cash dividends, indicating that in mainland China, equity concentration helps reduce agency costs and facilitates cash dividends. The price mechanism of the Chinese stock market encourages companies to issue multiple dividends. This helps explain the enthusiasm of the largest shareholder in dividend distribution. The A share is relatively higher than the " A+H” stock company. If the chairman of the board of directors also serves as the general manager, the impact of this situation on the dividend policy is not significant. This shows that the organizational power in elite governance has a stronger influence on the dividend policy than the management owner's power; the rationalized elite governance and dividend policy have a positive effect on corporate performance. Therefore, the research conclusions on corporate governance and dividend distribution can provide some opinions for improving the governance structure and regulating the dividend policy and optimizing the capital market environment.