This paper selects 70 listed companies in China as a sample which are the small and medium-sized board and distribute dividend from 2011 to 2014 year, using SPSS software to descriptive statistical analysis and multivariate linear regression analysis, studies the factors affecting cash dividend policy choice of financial indicators and the factors affecting stock dividend policy choice. Finally according to the result of empirical data, feasible suggestions about dividend policy for small and medium-sized board listed company are put forward.