This study attempts to examine the relevance of dividend policy from the signaling perspective and its effects on information asymmetry among management and investors and Compare the relative information content of them. Based on sampling, 88 firms from Tehran Stock Exchange (TSE) were selected and examined during 2003 to 2010. The findings show that the dividend policy (Divisible profit proportion) has positive and significant relation with market information asymmetry namely when the dividend policy increases the information asymmetry increases, too. On the other side, the test findings indicate the investors are sensitive to the EPS changes and when the EPS changes are positive their dividend increases, but when the divivend of the company decreases the information boggles their mind and information asymmetry increases. By virtue of the findings it may conclude when EPS and DPS changes are not in the same direction the internal and external information asymmetry of the company increases by changing profit division policy.