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。

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If the problem had been that insured deposits were paying for lunatic capital markets bets which went wrong then OK, ring fencing, separation, might be a good idea.

FORBES: Vickers, Bank Ring Fencing, Glass Steagall, They're Not the Answer