董事责任保险与公司价值增长——基于中国A股上市公司的实证研究

Directors’ and Officers’ Liability Insurance and Firm Value Promotion:An Empirical Study Based on Chinese A-share Listed Firms

基于2006-2018年中国A股上市公司的样本数据,本文使用处理效应模型和动态面板数据模型研究了董事责任保险对公司价值的影响。结果表明,在考虑了保险变量的内生性之后,董责险对公司价值增长有显著正向作用。但对于"四大"审计、独立董事比例较高和国企性质的公司,董责险的公司价值增长效应会被削弱。进一步就董责险对公司价值影响的中介机制进行研究发现,董责险一方面直接对公司价值产生积极影响,另一方面通过促进公司创新活动和风险承担水平间接促进公司价值增长。本文关于董责险的公司价值增长效应及其作用机制的结论,可以为企业管理风险和监管部门完善董责险制度提供决策依据。

Based on a sample of Chinese A-share listed companies between 2006 and 2018,the paper applies the treatment effect model and dynamic panel data model to investigate the impact of D&O insurance on firm value.Controlling the endogeneity of insurance decision,it finds that the D&O insurance has significantly positive effect on firm value promotion.In addition,for firms state-owned,audited by big-four auditors,or with higher ratio of independent directors,this value-enhancing effect is weaker.It also finds that D&O insurance not only directly promotes the firm value,but increases firm value indirectly by encouraging firms’innovation activities and risk taking level.