Using non-parameter test and multinomial logit regression, this paper studies the dividend policy and behavior empirically. The results show that the change of the earnings of firms affects their dividend policy. When the EPS of the firms increase, the probability of choosing not to pay cash dividend is maximal, yet when the EPS of the firms decrease, many firms choose not to pay cash dividend or choose to increase DPS, so that the information that the relevant firms have great expectation is transmitted to the market. Furthermore, this paper also finds that the successiveness of the dividend policy of the listed firms in China is not good.