摘要
以盈余管理行为作为研究视角,采用2002年~2011年我国A股上市公司的数据,研究了董事高管责任保险、制度环境与公司治理水平之间的关系。研究发现,相对于没有购买保险的公司,购买了董事高管责任保险的公司具有更高的盈余管理程度。进一步将样本分为国内和香港交叉上市(同时发行AH股)和仅国内上市(仅发行A股)两个子样本,发现对于AH股公司,购买保险的公司具有更低的盈余管理程度,而对于仅发行A股的公司,购买保险的公司却具有更高的盈余管理程度。研究结果表明,董事高管责任保险目前尚未发挥对国内上市公司应有的治理作用。此外,董事高管责任保险的治理作用受到外部制度环境的影响。具体地,在法律和监管制度相对完善的环境下,董事高管责任保险才能发挥正向激励作用。
Using a sample of China' s A-share listed companies during 2002 and 2011, and from the perspective of earnings management, we examined the relationship among Directors' and Officer' s Liability (D&O) insurance, institutional environment and corporate governance. Empirical results showed that companies that had purchased the D&O insurance exhibited significantly higher level of earnings management. We further partitioned the sample into companies that listed on the domestic A-share only (A-share sub-sample) and companies that listed on both A- share market and HongKong market (AH-share sub-sample). Empirical evidence suggested that D&O insurance was positively related to the earnings management of A-share sub-sample, but was negatively related to the earnings management of AH-share sub-sample. Findings of this paper suggested that D&O insurance failed to play a positive corporate governance role in China. Further, and the corporate governance effect of D&O insurance was influenced by the institutional environment. Only when there is well-functioning laws and regulations can D&O insurance exhib- it its positive effects.
出处
《保险研究》
CSSCI
北大核心
2013年第7期57-67,共11页
Insurance Studies
基金
国家自然科学基金项目"监管环境
上市地‘距离’对海外上市企业会计信息质量的影响"(项目编号:71002013)资助
关键词
董事高管责任保险
盈余管理
公司治理
制度环境
Directors' and Officers ' Liability Insurance
earnings management
corporate governance
institutionalenvironment