Abstract: Taking the differential dividend regulation policy in China as the background，based on life cycle perspective，using 343 Chinese A shares manufacturing listed companies from 2008 to 2018 as research sample．The results show that there is a significant positive correlation among the capital expenditure，cash dividend and the value of the company，besides，the sensitivity of cash dividend and corporate value is affected by the capital expenditure．The growth of the capital expenditure weakens the cash dividend's positive effect on corporate value．The life cycle has a significant positive effect on the sensitivity between cash dividend and corporate value．Compared with the growing companies，the cash dividend paid by the mature companies have a more evident effect on corporate value．Furthermore，capital expenditure has a threshold effect on cash dividend and corporate value．Only when the company's capital expenditure reaches a certain proportion，the negative effect of capital expenditure on cash dividends and corporate value is obvious．