一、研究背景在财务理论中,“股利之谜”吸引了众多研究人员的目光。虽然谜底至今尚未揭开,但对其进行执著地分析尝试却从未停止。面对纷繁的股利现象,现代财务理论主要从所得税、交易成本、不对称信息及公司所有权结构等方面进行研究。其中代理成本模型和信号模型是两个最具代表性的主流模型。代理成本模型从降低股东与经理人之间代理成本的角 First, the research background In the financial theory, “Dividend ” has attracted the attention of many researchers. Although the mystery has not yet opened, but its persistent analysis of the attempt has never stopped. In the face of numerous dividends, modern financial theory mainly studies income tax, transaction costs, asymmetric information and corporate ownership structure. Among them, agency cost model and signal model are the two most representative mainstream models. Agent Cost Model From the perspective of reducing agency costs between shareholders and managers