它为代理成本理论进一步提供了依据。
It provides more foundation for contracting costs arguments.
现代学派主要有追随者效应学派，信号假说，代理成本理论。
Modern school mainly contains clientele effect thought, signaling hypothesis and agency cost theory.
在对公司再融资的研究过程中逐步形成了两种理论，即MM理论和代理成本理论。
In the process of studying refinancing, we have two kinds of theories: namely MM theory and agent cost theory.
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.
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.
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.
本选题选取电力上市公司为样本，对上市公司债权结构进行实证分析，并基于代理成本理论进行研究和探讨，以期找出最优代理成本。
This paper takes the electric power industry as an sample and analyses the debt financing structure based on the agency cost theory in order to find out the optimized agency cost.
根据代理理论的解释，企业负债的原因是为了利用负债来约束股东与管理层之间的冲突，降低股权代理成本。
According to agency theory, the cause of enterprise incurring debt is to ease up the conflict between the management and shareholders and limit equity agency cost by debt.
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.
根据现代资本结构理论，公司事实上存在着资本结构的合理区间，该区间取决于税收、破产成本、代理成本等多方面因素的权衡结果。
According to modern Capital Structure Theory, there is a reasonable range for Capital Structure in a company, which is decided by the compromise of tax, cost of bankruptcy and dealership, etc.
具有代表性的债务期限理论有代理成本假说、信息不对称假说、税负假说、期限匹配假说和发行成本假说等。
Typically, there are agency cost hypothesis, information asymmetry hypotheses, tax hypotheses, maturity matching theory and floatation cost hypothesis.
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.
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.
第二章是第一部分，对上市公司代理成本与治理结构进行了理论分析。这一章是全文的理论基础。
Chapter 2, as the theoretical foundation of this paper makes theoretical analyses on the agency costs and governance structures.
第二章是第一部分，对上市公司代理成本与治理结构进行了理论分析。这一章是全文的理论基础。
Chapter 2, as the theoretical foundation of this paper makes theoretical analyses on the agency costs and governance structures.
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