公司治理、现金股利与代理理论

Corporate Governance,Cash Dividend and Agency Theory

委托-代理理论是目前公司治理研究中的主流分析框架,也是指导实践的一个重要理论根据。以代理理论作为分析工具来探析现金股利与公司治理之间的关系,得出如下结论:公司治理在根本上就是对代理问题的治理;而现金股利能够缓解代理冲突,发挥公司治理效应;现金股利与公司治理的有效结合能够降低代理成本,提高公司治理效率。

Agency theory is the main analysis framework for corporate governance and important tool in designing corporate govemance mechanism. This paper investigates the relationship between cash dividend and corporate govemance based on agency theory. The conclusion is that corporate governance is fundamentally aimed to solve the agency problem, and that cash dividend will alleviate agency conflicts. So cash dividend can work as a means of governance. Thus, the effective combination of corporate govemance and cash dividend policy will lead to lower agency cost and higher governance efficiency.