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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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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