股利代理成本理论

分析表明：西方股利代理成本理论适用于我国的非国有上市公司，公司所有者比公司经营者对股利政策具有更大的影响；

The main findings are as follows : firstly , the dividends policy of non-state-owned listed companies can be interpreted by the agency theory , because the owner has greater influence on dividends policy than the manager .

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

股利政策的代理成本理论认为公司发放股利能够降低代理成本，但在我国金融类上市公司的实践中难以实现。

The agency cost theory of dividend policy thinks that the company will be able to reduce the realization acting for cost by giving out a dividend , but it is difficult to finish in practice for the financial listed companies in our country .

基于企业财务管理的目的衍生出资本结构理论、股利政策理论、代理成本理论、公司控制权理论等一系列经典财务理论，各种理论各有侧重但又相互联系。

On the purpose of finance management , capital structure theory , dividend policy theory , agency cost theory , corporate control theory and the like come into being successively .

利润分配是公司理财的重要环节，股利政策更是其核心，有很多理论试图解释股利之谜，代理成本理论和信号理论一直是西方股利政策理论的主流观点。

Distribution of the profits , whose core is dividend policy , is an important step of corporation finance . Many theories try to explain the puzzle of dividends . Agency Cost Theory and Signaling Theory are two main theories in western research of dividend policy .