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.
但由于债务本身亦存在代理成本，因此，企业资本结构决策必须在股权代理成本与债务代理成本之间做出权衡。
For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision.
本文基于一个两时点大股东掠夺模型，考察了股权结构、代理成本与外部审计需求之间的关系。
Based on a two-stage large shareholder exploitation model, we examine the relationship among ownership structure, agency cost and external auditing demand.
股权结构不合理导致我国上市公司治理结构存在问题，而MBO正是完善公司治理的有效手段，在我国可以充分发挥明晰产权、降低代理成本、实现企业家价值的作用。
The ownership of a share construction caused the listed company many problems, and MBO is the valid means to these problems, and also having great functions in China.
股权激励是现代企业在所有权和经营权相分离的情况下，解决委托代理成本问题的一种激励措施。
Stock ownership incentive is an incentive measure on resolving the problem of agency cost in case of the "Separation of Ownership and Control"of modern corporations.
也从深层次对特定的股权结构下，股利政策、代理成本之间的关系有了更全面、深刻的认识。
Also make us have all-round and deep cognition of relation between dividend policy and agency cost in specially ownership structure from deep-seated face.
在此基础上，对中国上市公司股权结构与权益代理成本、债务代理成本以及大股东与中小股东之间代理成本的关系进行了实证检验。
Based on these, we proposed some hypotheses about agency costs under different ownership structures in China listed companies and test them using the empirical data.
随着所有权与经营权的分离，代理成本让很多企业为之负出了高昂的代价，股权激励被认为是降低代理成本的良方。
With the separation of ownership and management, many enterprises pay a lot for the agency cost. For this, stock incentive is considered to be a good method to decrease the cost.
随着所有权与经营权的分离，代理成本让很多企业为之负出了高昂的代价，股权激励被认为是降低代理成本的良方。
With the separation of ownership and management, many enterprises pay a lot for the agency cost. For this, stock incentive is considered to be a good method to decrease the cost.
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