保险制度设计会影响公司国际化战略吗——来自董事高管责任保险的证据

Will Insurance System Design Affect Corporate Internationalization Strategy Evidences from the Liability Insurance of Directors and Executives

我国致力于以高水平开放助力高质量发展,如何促使企业以快且稳的步调实现由"引进来"向"走出去"的转变是一个重要的现实问题。以2010—2019年A股上市公司为研究样本进行实证分析,结果显示,董责险可显著提升企业的国际化水平。机制分析结果表明,董责险通过抑制高管的风险厌恶倾向以及提高公司风险承担能力,提升企业的国际化水平。进一步分析发现,董责险提升企业国际化水平后,对公司价值产生了显著的增量作用,表明董责险确实有助于提高企业防范和应对国际化风险的能力。

China is now committed to its high-quality development w ith high-level opening up.How to realize the transformation of China’ enterprises from" bringing in" to" going out" along a fast and stable path is an important practical issue. Taking the 2010-2019 Chinese A-share listed companies as the research sample, this paper conducts an empirical analysis. The results show that the directors’ and officers’ liability insurance could significantly improve the internationalization level of the enterprises. The results of the mechanism analysis show that the directors’ and officers’ liability insurance can enhance the corporate internationalization level by suppressing the risk aversion tendency of the executives and improving the corporate risk-taking ability. The findings of further analysis show that the directors’ and officers’ liability insurance has a significant incremental effect on the corporate value after the improvement of their internationalization level, which indicates that the directors’ and officers’ liability insurance has indeed improved the ability to prevent and respond to international risks of the enterprises.