Abstract：Based on the data of A-share listed companies from 2005 to 2017,this pape studies the differences in investor preference for dividend distribution in different market conditions. The study finds that: for cash dividends,investors prefer non-dividend-paying stocks over dividend-paying stocks in inclining markets and declining markets.But in stable market, it is opposite; for stock dividends, in inclining markets, investors prefer dividend-paying stocks over non-dividend-paying stocks.But in declining markets, investors prefer non-dividend-paying stocks.In stable market, investors have no significant preference differences between dividend-paying stocks and non-dividend-paying stocks; in the inclining markets and declining markets, ultra-ability dividends payout and highly sending turn don't change investors' preference. In the stable market,only the normal cash dividends and normal stock dividends can get the favor of investors.The ultra-ability dividends payouts do not benefit the listed companies, and high delivery will damage the value of the company.

Keywords：market situation;cash divident;stock divident;mixed divident;