上市公司认购董事高管责任保险:购买动机与经济效应

The Directors’ and Officers’ Liability Insurance of Listed Corporation:The Purchasing Motivation and Economic Effect

董事高管责任保险在公司治理中发挥着重要的作用,以往文献主要聚焦于上市公司认购董事高管责任保险产生的积极或者消极影响。分别从公司治理和政策环境分析了上市公司认购董事高管责任保险的潜在动机,并在此基础上分析上市公司认购董事高管责任保险的经济后果。研究发现:购买动机方面,公司治理水平、股权国际化和宏观经济政策不确定程度是驱动上市公司认购董事高管责任保险的重要因素;从经济后果来看,在更高公司治理水平和宏观经济政策不确定性的条件下,董事高管责任保险才能提升企业绩效,创造市场价值。

The Directors’ and Officers’ Liability Insurance(D&O Insurance) plays an important role in corporate governance. Prior literature mainly focused on the positive or negative effects of the D&O Insurance. We study the underlying motivation of listed corporations to subscribe to the D&O Insurance from the perspective of corporate governance and policy environment, and then research the economic effect. It is expected and found that corporate governance’s level, internationalization of the stock right and uncertainty of economic policy are important factors that drive listed corporations to subscribe to the D&O Insurance in terms of purchasing motivation;In terms of economic effect, if and only if under the conditions of higher corporate governance’s level and uncertainty of economic policy, the D&O Insurance can promote performance and market value of listed corporations.