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This article conducts an analysis of the long-run performance of IPOs after cash dividend, with a sample of A shares listed in Chinese stock market before the end of 2008. The significant test of difference, using match-stock method, shows that two times cash dividend within 3 years after IPO listed is an important boundary. The stocks with cash dividend two times or more have better long-run performance than those stocks with cash dividend only one time or less. The regression analysis shows that the long-run performance and the frequency of cash dividend have a positive correlation. The research conclusion, in a whole, suppose the point that the frequency of cash dividend of IPOs within three years after listed can be a positive signal of the IPOs' long-run performance. [ABSTRACT FROM PUBLISHER]