This paper provides an empirical analysis about the relationship of corporate governance and cash dividend policy in China. The results show that equity structure and the cash dividends are related. Other factors such as executive pay are related to cash dividends. This paper also analyzes the requirement of cash dividends on behalf of the corporate governance or big shareholders "Tunnel behavior" condition. This paper also discusses whether the cash dividend policy stands for the protection of shareholders or as a means of plunder, and put forward the effectiveness judgment of cash dividend policy from the view of corporate governance.