Whether internal control and cash dividend will have an interactive synergetic effect on enterprise performance or not is a study of both theoretical value and practical significance. Consequently, this article adopts a two-stage investment decision research process, explains the complex theoretical relationship among internal control, cash dividend and enterprise performance and, taking the Chinese A-share motherboard as an example, further explores their interactive synergetic effect. The research concludes that: (1) Internal control and cash dividend can contribute to the improvement of both short-term and longterm enterprise performance; (2) Internal control and cash dividend do have a significant synergetic effect, however there is a large disparity between the synergetic effect on short-term and long-term enterprise performance. In addition, the study finds that internal control and cash dividends are mutually regulative, thereby diminishing the positive impact on short-term enterprise performance and conversely enhancing the positive impact on long-term enterprise performance respectively.