董事高管责任保险与企业高质量发展——基于代理成本和创新激励视角

Directors'􀆳and Executives'􀆳Liability Insurance and High-quality Enterprise Development:Based on the Perspective of Agency Cost and Innovation Incentive

经济高质量发展是中国未来的重大战略方向,但宏观层面的经济高质量发展必须落实到微观层面上,才能真正实现高质量发展。文章以2005—2018年中国A股上市公司为样本,研究董事高管责任保险对企业高质量发展的影响,研究结果表明董事高管责任保险可以促进企业的高质量发展;此外,机制检验表明董事高管责任保险是通过降低代理成本以及提高创新能力来提高企业高质量发展;进一步分析表明董事高管责任保险在国有企业以及内部控制不存在缺陷时对企业高质量发展的影响更加显著。文章建议大力推广董事高管责任保险,以实现企业的高质量发展。

High quality economic development is a major strategic direction for China in the future,but high quality eco⁃nomic development at the macro level must be implemented at the micro level in order to truly achieve high quality development.Based on the sample of China's A-share listed companies from 2005 to 2018,this paper studies the impact of di⁃rectors􀆳and executives'􀆳liability insurance on the high-quality development of enterprises.The results show that directors'􀆳and executives'􀆳liability insurance can promote the high-quality development of enterprises;in addition,the mechanism test shows that directors'􀆳and executives'􀆳liability insurance can improve the high-quality development of enterprises by reducing agency costs and improving innovation ability;further analysis shows that directors'􀆳and executives'􀆳liability in⁃surance has more significant impact on the high-quality development of enterprises when there are no defects in stateowned enterprises and internal control.In order to achieve high-quality development of enterprises,this paper proposes to vigorously promote directors'􀆳and executives'􀆳liability insurance.