Why do investors always ask listed companies to pay more dividends? Isn't the book value of stocks unchanged after dividends and ex-dividends? (considering that taxes will even be reduced)

Actually, dividends are not zero-sum. For example, stocks = 10 yuan, and dividends = 1 yuan. As you said, you can get 10 yuan's assets by selling stocks directly without waiting for dividends. When waiting for dividends, you will get a dividend of 1 yuan. Ex-dividend shares = one share in 9 yuan, and your assets are still 10 yuan. On the surface, the two are the same, but in fact they are different. You will get 10 yuan's assets when you sell the shares before the dividend, and you will no longer own the company's equity, but get a dividend of 1 yuan. If the value falls to 9 yuan's stock, your assets will still be 10 yuan. But you also hold shares in the company. You can also say that if the company pays dividends, 10 yuan shares 1 yuan. If you don't pay dividends, sell it before dividends and get 10 yuan. Only 9 yuan shares after dividends and ex-dividends. At this time, you only need to spend 9 yuan money to buy it again. Do you still have a dollar in your account? The company that doesn't pay dividends is 10 yuan. If it is sold, it will always be 10 yuan. Do you want to buy or spend 10 yuan to get the equity of the company? A company that pays dividends. You 10 yuan's stock will be sold before dividends, and 9 yuan will buy it after dividends. You actually earned 1 yuan in your account, and you spent 9 yuan to get the same equity ratio as before 10 yuan! I don't know if you understand what I said. Dividend-paying companies, if you pay dividends of 10 yuan and 1 yuan, you can sell 9 yuan before dividends of 10 yuan. You sold the company that didn't pay dividends 10 yuan. If we continue to buy back the same equity of this company, it will still cost 10 yuan! This is the most direct difference between paying dividends and not paying dividends! In fact, the essence of dividends is to get dividends and constant equity ratio.