发现代理成本理论，特别是其中的利益输送观点可作为分析我国现金股利政策的有利工具。
We find out that the agency theory, especially the tunnelling viewpoint is very fitful to analyse our dividend policy.
信息传递理论和代理成本理论认为，在激励契约中，负债和现金股利可以相互替代，但是现实中负债与现金股利却共存于激励契约。
The theory of information transition and agency cost argues that debt and dividend in incentive contract can mitigate adverse selection and moral hazard, and can be replaced by each other.
然后围绕股利如何影响公司市场价值，主要介绍具有代表性的信号传递理论、代理成本理论、客户效应理论的观点内容。
Then according to how dividend influences the market value of company, it illustrates signal transfer theory, agency cost theory and clientele effect theory.
西方的财务学者将信息不对称理论用于资本结构、股利政策及代理成本，业已取得了一些成果。
Western financial scholars introduced information asymmetry into capital structure, dividends policy and agency cost, and obtained some achievements.
第四，代理理论解释我国股利政策的有效性：股利政策能降低我国上市公司存在的代理成本，但是其作用较有限。
Fourth, it is useful that agency theory explains the effectiveness. Dividend policy can reduce agency cost, but its effectiveness is limited.
传统研究多采用代理理论来解释这一现象，该理论认为上市公司所有权和管理权分离产生了代理成本，而上市公司发放现金股利则能降低代理成本。
The agency cost theory holds that the aim of paying cash dividends for listed companies is to reduce the agency cost which comes from the separation of ownership and management.
传统研究多采用代理理论来解释这一现象，该理论认为上市公司所有权和管理权分离产生了代理成本，而上市公司发放现金股利则能降低代理成本。
The agency cost theory holds that the aim of paying cash dividends for listed companies is to reduce the agency cost which comes from the separation of ownership and management.
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