This paper crawls the search volume data of Baidu Index platform through Python to construct investor cash dividend sentiment index and large stock dividend sentiment index, then uses them as the basis to examine dividend catering and its economic consequences of A-share listed companies. We find that both corporate cash dividend distribution and large stock dividend decisions present obvious catering characteristics, and corporate dividend catering behaviors can lead to an increase in corporate stock price crash risk. Furthermore, companies with financing needs have a strong incentive to implement cash dividend catering and large stock dividend catering, while companies where large stockholders have a willingness to sell their shares are inclined to implement large stock dividend catering. This paper not only expands the achievements in corporate dividend catering research field by constructing big data dividend sentiment indexes, but also has important implications for optimizing corporate dividend policy and improving the efficiency of capital market operation.