本研究之目的，在檢定臺灣上市公司經理人的股權決策、負債決策及股利政策是否受到相關代理成本的影響，以害證代理理論對臺灣上市公司融資決策的適用性。選擇臺灣證券交易所129家上市公司為樣本，使用以下六種與代理成本相關之變數：盈餘變動性、多角化程度、公司規模、股票發行成本、流動比率與經理人持股的市場價值等，測試各變數與經理人股權決策、負債決策及股利政策的關係，是否如代理理論所預期。研究結果發現，由於各項代現成植的存在，會使公司經理人在融資決策上做衡量，以降低代理成本，經理人股權決策與負債決策均強力支持代理理論，股利決策亦受代理理論之影響，不過證據稍弱。整體而言，本研究將股權決策、股利政策及負債決策一併納入驗證的模式中，發現代理理論確實可以解釋臺灣上市公司經理人的決策行為。

　　　　　The purpose of this paper is to examine whether the agency cost can affect the manager's equity decision, leverage decision and dividend policy, and to empirically test the relationship between the agency theory and manager's financing decisions. We select 129 listed companies in Taiwan as samples and calculate 6 independent agency cost variables: volatility of earnings, degree of diversification, firm size, floatation cost of equity, liquidity ratio, market value of manager's ownership. The relationship between these 6 variables and manager's decisions on ownership ratio, leverage ratio and dividend payout are studied. We find that the agency cost is highly related to manager's decisions. They make decisions trading off financial policies in order to reduce the agency costs. The evidence strongly supports the agency theory explanation for manager's equity ownership decision and leverage policy. The dividend decision is also affected by the agency cost though the evidence is weaker.