董事高管责任保险能否抑制股价崩盘风险——基于中国A股上市公司的经验数据

Can Directors Liability Insurance Restrain Stock Price Crash Risk——Empirical Evidence from Chinese Listed Companies

股价崩盘严重损害投资者利益并阻碍股票市场健康发展，因此，探寻抑制股价崩盘风险的手段成为当前公司治理与企业财务领域关注的热点问题。使用2009～2013年我国A股上市公司数据为样本，实证检验董事高管责任保险与公司股价崩盘风险之间的关系。研究发现：上市公司购买董事高管责任保险能有效监督与约束高管利己行为，进而降低股价崩盘风险。该结论有助于深入了解董事高管责任保险，同时也为监管部门遏制股价崩盘现象提供了新的思路。

The stock market crash hurts investors interests and hinders the healthy develop ment of the stock market, therefore exploring the means of suppressing the stock price crash risk has become a hot issue in the field of corporate governance and corporate finance. The paper dis cussed the relationship between derictors＂ and officers＂ liability insurance and stock price crash risk based on a sample of 2009--2013 A-share listed companies. The study found that derictors＂ and of ricers＂ liability insurance can effectively reduce the stock price crash risk. The conclusion is helpful to understand the Derictors＂ and Officers＂ Liability Insurance and provides a new thinking for the surpervision department to curb the stock price crash risk.