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.

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。

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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.

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。

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