On the basis of endogeneity of the ownership structures, panel data were used to show the dynamic effect of Chinese Listed Companies' cash dividend distribution behavior on the shareholders' balance mechanism. It is seen that minority shareholders don't perceive cash dividends, at least normal level of dividends, as controlling shareholder's expropriation behavior, especially in companies that controlling shareholders dominant. Considered the ownership structures' exogenous feature, a Simultaneous Equations Model was used to show the interactions between cash dividends and shareholders' balance mechanism. It is found that the higher level of Chinese Listed Companies' cash dividends, the lower degree of balance among shareholders; the lower degree of balance of shareholders, the higher level of companies' cash dividends.