Cash dividend policy is a decision problem for listed companies to allocate or retain earnings for reinvestment.This paper mainly explores the impact of the characteristics of top management team (size, age, gender, educational background) on corporate cash dividend policy. The study found that the larger the management team and the higher the average age, the higher the cash dividend payout ratio of the company, indicating that the company The more the management team, the older the company, the easier it is to adopt a higher dividend payout ratio, and the higher the average degree of management team, the more inclined to choose a lower cash dividend distribution rate. The management with higher qualifications believes that the lower cash dividend payment level is the level of dividend payment that is conducive to the development of the enterprise. It has also been found that there is no significant difference between male management and female managers in paying cash dividends to enterprises. Further research found that the more concentrated the ownership of enterprises, the weaker the impact of managerial characteristics on cash dividend policy. That is to say, ownership concentration will significantly weaken the impact of managerial characteristics on corporate cash dividend policy. The empirical results also confirm the existence of agency problems in listed companies. The research results of this paper provide the basis for the rational allocation of the enterprise management team and the support of the empirical results.