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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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。

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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。

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It adds that health boards have failed to reduce the high cost of agency staff, and says a big reduction is unlikely before proposed changes to services are introduced.

BBC: Auditors warn NHS will finish the year ?70m in the red