This paper analyzes dividend policy of China's listed companies from the perspective of agency-cost theory.

本文从股利政策的代理理论出发分析中国上市公司的股利政策。

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Then according to how dividend influences the market value of company, it illustrates signal transfer theory, agency cost theory and clientele effect theory.

然后围绕股利如何影响公司市场价值，主要介绍具有代表性的信号传递理论、代理成本理论、客户效应理论的观点内容。

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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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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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