This paper proposes an equilibrium model for evaluating equity with optimal dividend policy in a jump-diﬀusion market. In this model, a representative investor having powerutility over a total consumption process evaluates the equity as the expected value of the discounted dividends with his stochastic discount factor, while a firm paying the dividends from his own cash reserve manages to maximize the equity price. This situation is formu-lated as a singular stochastic control problem of jump-diﬀusion processes. We solve this problem and give the equilibrium equity price and the optimal dividend policy. Numerical examples show that the total consumption process and the investor's risk aversion have a signi cant impact on the equity price and the dividend policy.