According to different hypothesis, the optimal contracts under both the conditions of symmetric information and asymmetric information are made.

根据不同的假设，分析了对称信息和非对称信息两种情况下的最优契约。

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We think the trading range hypothesis under the background of asymmetric information may be a more reasonable answer.

本文首先在综述有关文献的基础上，认为引入信息不对称的交易区间假设能更合理地解释企业拆股的动因；

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There are several explanations to the puzzle of stock split. We think the trading range hypothesis under the background of asymmetric information may be a more reasonable answer.

本文首先在综述有关文献的基础上 ，认为引入信息不对称的交易区间假设能更合理地解释企业拆股的动因 ；

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