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.
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