Model results shows that the emergence of voluntary governance contribute to help the investors to find out the managers out of qualification and strengthen the degree of supervision under the original mandatory system which significantly reduce the agency cost as well as promote the corporate performance .

模型结果表明 自主性治理的出现加强了原来强制性治理体系下的监管程度，有助于投资者识别不合格的经理人并促使其遵守其职业道德，可以显著降低 代理成本从而提升业绩。

Agency theory is that voluntary disclosure is management namely agent reduce agency cost a method .

代理理论认为 自愿性信息披露是管理层即代理人降低 代理成本的一种手段。

Explain the listed company voluntary disclosure of environmental information theory mainly has : behavior CSR agency theory and the theory of enterprise voluntary disclosure theory .

解释上市公司环境信息 自愿披露行为的理论主要有： 代理理论、企业社会责任理论以及企业自愿披露理论。

The third level is mechanism explanation basis . Based on contract theory and signaling theory this level explains the choice of voluntary disclosure behavior in some aspects such as agency cost private contract and signaling core abilities .

第三层次从契约理论与信号传递理论出发，在降低 代理成本、签订私人契约与传递公司核心能力等方面解释了上市公司对 自愿性披露行为的选择问题，这是对自愿性披露行为的机制性解释。

Any shipper or passenger may on voluntary basis buy insurance policy for transport of goods at an insurance agency and the insurance agency shall be liable for indemnity in conformity with the agreement as stated in the insurance contract .

托运人或者旅客根据 自愿可以向保险 公司办理货物运输保险，保险公司按照保险合同的约定承担赔偿责任。

Moreover extensive use of voluntary recalls can undercut agency accountability .

此外，大量利用 自愿撤回会削弱 行政 机关的责任心。