本文研究当市委书记更替所带来的政策不确定性对企业现金红利决策的影响。通过研究发现政策出现不确定性时,会使企业显著减少现金股利支付的额度,而原来未以放现金股利的企业更不愿开始发放,与民营企业相比,国有企业的现金红利政策受到由于官员更替所带来的政治不确定性的影响更大。 This paper studies the influence of policy uncertainty brought by the replacement of party secretary on the decision-making of cash dividend of enterprises. Through the study found that policy uncertainty, will enable businesses to significantly reduce the amount of cash dividends paid, while the original did not put cash dividends are more reluctant to start issuing, compared with private enterprises, state-owned cash dividend policy suffered due to Political uncertainty brought about by the replacement of officials has a greater impact.