Abstract: This paper researches dividend signaling effects of listed companies in China from 2007 to 2016 in the views of the signal content and the receiving system． The conclusions are: ( 1) Both mixed dividend and single cash dividend are good signal，but signaling effect of mixed dividend is much efficient than single cash dividend; ( 2) The signaling function of combining annual dividend and in-terim dividend is better than once a year dividend; ( 3) Only normal cash dividend is the benchmark of signal effect，abnormal high cash dividend and abnormal low cash dividend are not; ( 4) The signaling effect of normal stock dividend is not better than large stock dividend． The research finding supports the 2008 revision of the“semi-mandatory dividend”policy，and explains why CSRC does not impose more stringent restrictions on large stock dividend．