所有权和管理权相分离。
所有权和管理权相分离在许多情况下是一个优点，但在其他方面就是一个缺点。
The separation of ownership and management is an advantage in many cases, but may BE a disadvantage in others.
现代企业所有权与管理权的分离，造就了职业的管理者阶层和管理者市场。
When the management right separates from the proprietorship right, the professional manager and manager market come into being.
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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