代理成本理论

第三章西方股利理论对高派现行为的解释本部分主要从股利信号传递理论、代理成本理论、一鸟在手理论、追随者效应理论等西方股利理论的角度来对高派现行为进行解释。

The third chapter used the western dividend theories to explain this problem , such as signaling hypothesis , Agency Cost Hypothesis , Bird-in-the-hand Theory , Clientele Effect .

此后，西方金融经济学家从不同角度提出了一系列基于资本市场现实环境的新模型，如平衡理论、委托代理成本理论、优序融资理论等。

Western financial economists have also put forward different models based on capital market realities , such as Trade-off Theory , Agency Cost Hypothesis and Pecking Order 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 .

西方学者对融资的研究始于MM理论，其后许多西方学者从不同的角度研究各类融资方式对公司治理产生的影响，代表性的有代理成本理论、信息不对称理论、产品市场理论等等。

Western economists studied finance from MM model , then many economists studied finance how to effect corporate governance from a few of aspects . It produced many theories such as agency costs theory , asymmetric information theory and product-market theory .

第三部分是债务融资与公司业绩关系的理论溯源，包括MM理论、修正的MM理论、米勒模型、代理成本理论、融资优序理论和信号效应。

The third part is the source of theories about the relationship between debt financing and firm performance , including the MM theory 、 the modified MM theory 、 Miller model 、 agency cost theory 、 Pecking Order Theory and signal effect .

Jensen提出自由现金流量的代理成本理论指出，过度投资行为发生的前提是企业存在大量的自由现金流。

In the agency costs of free cash flow theory Jensen suggested that over-investment occurring on the premise that there is a lot of free cash flow business .

现代资本结构理论从MM定理开始，经历了以信息对称为分析框架的旧资本结构理论阶段和以信息不对称为分析框架的新资本结构理论阶段，其中以MM理论和代理成本理论影响最大。

Modern capital structure theory starts from MM principle , based on the old capital structure theory characterized by symmetry information and the new capital structure theory characterized by information asymmetry . In this area MM principle and agency cost theory have the most significant influence .

在M-M定理的基础上，通过对詹森和麦克林代理成本理论的分析，认为对资本结构进行合理安排，不仅可以实现其自身的优化，而且可以使企业代理成本最小化。

On the basis of M-M theorem and J-M agency cost analysis , the paper concludes that the rational arrangement of capital structure can realize its own optimization and minimization of agency cost .

自从Jensen和Meckling（1976）提出了代理成本理论以后，注册会计师审计是基于会计师事务所和审计单位的委托代理关系这一观点已经在会计和审计学界得到了明确的认同。

Since the theory of agency-cost was proposed by Jensen and Meckling ( 1976 ), the view that auditing conducted by the CPA is based on the principal-agent relationship between accounting firms and audit units has been clearly recognized by scholars both in accounting and auditing fields .

上市公司股利政策的代理成本理论诠释

The Illustration for Agency Cost Theory of Listed Companies Dividend Policy

农业类上市公司权益融资的道德风险解释&基于代理成本理论的企业经营者行为分析

Discussion on the Moral Risk of Equity Financing of Agriculture Listed Company

国外资本结构代理成本理论综述

Summery on the Agency Cost Theory of Foreign Capital Structure

基于代理成本理论的我国上市公司融资结构问题研究

Agency-cost Based Analysis of Structure of Financed Capitals of China 's Listed Companies

它为代理成本理论进一步提供了依据。

It provides more foundation for contracting costs arguments .

基于代理成本理论下的公司资本结构优化研究

The Research on Optimization of Corporate Capital Structure Based on the Agency Theory

基于代理成本理论的中国上市公司股利政策研究

Research on the Dividend Policy of Chinese Listed Company Based on Agency Cost Theory

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 .

第三部分为代理成本理论综述；

Section 3 reviews agency cost theory ;

代理成本理论视角下的资本结构&基于中国上市公司的证据

Capital Structure Based on Agency Cost Theory Perspective & From Chinese Listed Companies ' Evidence

本文将从财务危机成本以及代理成本理论两方面解释公司为何存在最佳资本结构，并指出影响公司最佳资本结构的重要因素。

Furthermore , it points out some important factors that affect the best capital structure .

本章深入分析了管理层收购的三大理论基础一公司治理结构、代理成本理论、激励和约束机制，阐述了管理层收购对现代公司制度的改良作用和积极意义。

There are three kinds of theory base : Corporate Governance , Agent-cost , Stimulation and Restriction .

控制权理论及代理成本理论会对公司财务结构产生影响。

There is effect of the control right and the agency cost on the corporate finance structure .

竞业禁止的理论依据是经济学上的代理成本理论、法学上的诚实信用和忠实义务原则。

The theoretical foundation is based on agent cost theory in economics and honest principle in legality .

笔者分析了代理成本理论，指出扭曲的薪酬成为了代理成本的一大表现。

The author analysis the theoretical foundation of the listed company executive compensation issue-the agency cost theory .

中国上市公司股利政策探讨&从代理成本理论的角度视之

Probing into the Dividend Policy in Chinese Listed Companies & from the angle of the agency cost theory

代理成本理论认为，上市公司的代理成本和现金股利之间存在负相关关系。

Agency cost theory thinks that , relation of agency costs of listed companies and cash dividends is negative correlation .

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 .

本文主要借鉴代理成本理论、激励理论、信号传递理论、控制权理论以及优序融资理论。

This paper related to agency cost theory 、 Motivation theory , signal transmission theory , control theory and Pecking Order Theory .

股利分配政策也存在着一些不规范之处，如股利分配形式多种多样、不分配现象普遍存在等。因此，我们不能直接套用西方国家的代理成本理论来解释我国上市公司的股利分配政策。

Dividend distribution policy of Chinese listed company presents some anomaly aspects such as various forms of dividend distribution and none dividend distribution .

其中，在融资结构理论中，代理成本理论、信号理论和融资顺序理论对于解释中小企业信贷融资行为最具说服力。

Agency cost theory , signal approach and pecking order hypothesis are the three most convincing theories to illustrate SMEs ' bank financing .