Corporate cash dividend is a controversial issue in corporate finance, which has always been the focus of financial scholars. In view of the fact that there are multiple major shareholders in Chinese companies and the fact that the company pays low and discontinuous cash dividends, based on the systematic analysis of the enterprise growth cycle, the industry in which the enterprise is located, the needs of investors and the influence of controlling shareholders on the enterprise's cash dividend distribution decision, this paper studies multiple major shareholders and cash dividends in the same framework, theoretically analyzes and empirically tests that multiple major shareholders affect the distribution of cash dividends by affecting the first type of agency problem and the second type of agency problem. Based on the perspective of whether the company has multiple major shareholders and the relationship between multiple major shareholders acting in concert, this paper takes the listed companies in Shanghai and Shenzhen stock markets from 2008 to 2017 as a sample, and uses stata15.0 to conduct fixed effect regression to empirically test the impact of multiple major shareholders on the company's cash dividend distribution decision. The empirical results show that there is a significant positive correlation between multiple major shareholders and cash dividends, that is, enterprises with multiple major shareholders are more inclined to pay cash dividends. Considering the possible measurement errors of independent variables and dependent variables, as well as the impact of endogenous problems such as two-way causality and missing variables between cash dividends and multiple major shareholders, the possible endogenous problems are reduced by changing the measurement methods of independent variables and dependent variables, using propensity score matching method, Heckman two-stage model and DID. The empirical results are still valid. Further considering the heterogeneity factors such as the company's legal environment, the company's holding reality, the nature of the company's ownership and the level of senior executives' shareholding, it is found that when the external environment of the enterprise is a fast marketization process or a good legal environment, there is a significant positive correlation between multiple major shareholders and cash dividends, that is, multiple major shareholders will promote the distribution of cash dividends; In relative holding enterprises, decentralized enterprises, private holding enterprises and enterprises with high executive shareholding level, multiple major shareholders also have a significant positive correlation with cash dividends, which can also promote enterprises to distribute cash dividends. The research of this paper not only enriches the research on the influencing factors of cash dividends, but also enriches the research on the decision-making mechanism of shareholders, and provides inspiration for enterprises to improve the relationship between enterprises and investors from the perspective of ownership structure.