The paper also indicates that yardstick competition can improve the intensity of motivation, reduce the agency cost, and strengthen the validity of motivation.
通过“标尺竞争”可以提高激励强度，降低代理成本，增强激励的有效性。
The agency cost theory holds that the aim of paying cash dividends for listed companies is to reduce the agency cost which comes from the separation of ownership and management.
传统研究多采用代理理论来解释这一现象，该理论认为上市公司所有权和管理权分离产生了代理成本，而上市公司发放现金股利则能降低代理成本。
MBO (management buyout), born and mostly applied to reduce the agency cost of enterprises in the West, is has an outstanding performance in matters of improving the efficiency of companies' operation.
产生并大量适用于英美等西方国家的管理层收购在减少企业代理成本和提高公司运营效率方面成绩卓著；
By researching the model, we find that the introduction of the relative performance can raise the fund managers' incentive efficiency, reduce the fund investors' risk, and also reduce the agency cost.
通过对模型的研究可以看出，相对业绩标准的引入不仅可以提高基金管理者的激励强度，降低基金投资者的风险，同时也可以降低成本。
In the tourism industry to introduce commissioned sales agency, can expand business, and tourism enterprises, combining the strengths and effectively reduce the cost of the tourism industry.
在旅游行业引入委托代销，可以扩大业务量，实现旅游企业强强联手，有效降低旅游行业的成本。
Fourth, it is useful that agency theory explains the effectiveness. Dividend policy can reduce agency cost, but its effectiveness is limited.
第四，代理理论解释我国股利政策的有效性：股利政策能降低我国上市公司存在的代理成本，但是其作用较有限。
Fourth, it is useful that agency theory explains the effectiveness. Dividend policy can reduce agency cost, but its effectiveness is limited.
第四，代理理论解释我国股利政策的有效性：股利政策能降低我国上市公司存在的代理成本，但是其作用较有限。
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