Stock Price of GREE Electric Appliance, Inc. fell sharply without cash dividends distributed in GREE annual report on April 25, 2018. Based on fee cash flow and surplus free cash flow, this paper presents the evaluation criteria of dividend capability. Using the detailed data of sampled China's listed home appliance companies, free cash flows, surplus free cash flows, and their cumulative values are computed. The capabilities of cash dividends are judged and comparatively analyzed. The results show that white goods companies have the best capabilities of cash dividends. Especially, the GREE's cash dividend capability is investigated based on free cash flow. The results reveal that GREE has good cash dividend capability without diversified development. The forced dividends under CSRC leads to "Ponzi dividends", and discourage from the promotion of core competitiveness and the development of listed companies to a certain extent.