因此，非对称信息股利政策理论在我国股利政策实践中失效。
Therefore, the Theory of Dividend Policy under Asymmetric Information is disabled in our dividend policy practices.
本文首先从股利政策理论入手，介绍了股利政策包含的内容、股利支付形式与比较等基本概念；
This article first obtained from the dividend policy theory, to introduce the dividend policy contained content, dividend payment form and comparison and so on basic concept;
以往的股利政策理论主要受MM理论中股利政策与股票价值无关论的影响，因而对公司股利政策的研究不够重视。
The main reason for insufficient study on dividend policy can be attributed to MM theory in which irrespective conclusion is made between dividend policy and stock value.
本文在梳理西方股利政策理论之后，利用我国最新的实际数据进行定量分析，检验了股利信号传递在我国的适用性。
After carding Western theories of dividend policy, this paper test signal transduction dividend applicability in China by using the actual data in a way of quantitative analysis.
现金股利政策是现代公司财务理论研究的一个重要领域。
Cash dividend policy is an important area of research on modern corporate financial theory.
本文在阐述了信号理论的基本原理后，运用回归法检验两种股利政策的信息内涵。
After explaining the basic principle of Signaling Theory, this article tests the information content of two kinds of dividends by regression analysis.
资产结构问题与资本结构、股利政策及公司控制权理论这些财务经典理论之间都存在天然的联系。
Asset structure has close correlation with many classical financial theories, for example capital structure, dividend policy and corporate control theory.
本文基于代理理论，研究我国上市公司现金股利政策与公司治理之间的关系。
This paper investigates the relationship between corporate dividend policy and corporate governance based on agency theory.
本文对股利政策和公司治理理论进行了剖析。
The article take apart dividend policy and company governing theory.
理论界关于股利政策的观点有两大流派：股利无关论和股利相关论。
In theoretical circles there are two schools about dividend policy: relevant dividend view and irrelevant dividend view.
这些理论对我国上市公司股利分配政策的制定和分析具有一定的现实意义。
These theories have some meanings in practice when company draws up and analyzes its policy of distributing dividend.
股利停发是公司股利政策的一种从有到无的质的变化，按照股利政策的信号传递理论，这种变化能向投资者传递信息。
Dividend omissions is a qualified change of the company's dividend policy. According to the signal theory, this kind of change can provide the investors with some information.
同时，还研究了与股利金额相关的因素，希望能对股利政策的理论和实践有所裨。
At the same time, in favor of the theory and practice of dividends policy, we researched the factors correlative to dividends amount.
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.
本文研究主要分为三部分：第一，从理论出发分析了上市公司核心代理问题与现金股利政策的关系。
The core agent problem provides the new Angle of view to our research in cash dividend policy.
股利分配作为上市公司的核心财务政策之一，不仅受到利益各方的充分关注，还引起理论界的极大兴趣。
As one of company's core financial policies, the dividend assignment not only receives the full attentions from the benefit groups, but also arouses the enormous interests of theorists.
本文从股利政策的代理理论出发分析中国上市公司的股利政策。
This paper analyzes dividend policy of China's listed companies from the perspective of agency-cost theory.
信号理论认为，股利政策是公司传递内部信息的一个有效信号。
According to Signaling Theory, dividend is an effective signal for company to transmit its inside information.
该模型的提出为第三、第四章研究公司资本结构和股利政策的税收效应提供了理论基础。
A general equilibrium model about tax effect on the corporate dividend policy is constructed at the end of this section.
股利支付水平方面，在评析西方财务理论中最佳股利支付模式的基础上，本文提出了高新技术企业适度股利分配政策。
As to the payout ratio, bases on analysis of the optimized dividend payment pattern from western theories, a moderate dividend payment policy is presented in this study.
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.
本文以代理理论为理论基础，试图以代理理论来解释我国上市公司的股利政策。
The article tries to interpret Chinese listed company's dividend policy using agency theory.
中国上市公司的股利政策普遍存在不稳定性，这使得股利政策的信号传递理论在中国的应用与西方国家存在区别。
Dividend policy is the one of the key point of company's financial management. Dividend Signal theory states that the dividend policy can tell the information about the company's future profit.
近年来，关于同时公布的盈余信息和股利政策的研究日益受到理论界与实务界的广泛关注。
In recent years, theorists and practitioners pay more attention on also announced earing information and dividend policy.
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.
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