董事高管责任保险、企业盈利能力与债务成本

Director and Officer Liability Insurance,Corporate Profitability and Cost of Debt

以2004—2019年我国A股上市公司为样本,考察了董事高管责任保险(以下简称“董责险”)对企业债务成本的影响与作用机理,并且检验了企业盈利能力对这种影响的调节作用。研究发现,上市公司购买董责险后其债务成本显著降低,表明上市公司购买董责险在促进债务成本降低上的公司治理作用大于其机会主义作用;在加入企业盈利能力作为调节变量后,企业盈利能力的上升会弱化购买董责险对企业债务成本的抑制作用,表明企业购买董责险对债务成本的抑制作用与企业较高的盈利能力对债务成本的抑制作用之间存在一定的替代效应,即对于盈利能力较差的企业来说,购买董责险将能够发挥更为积极的作用。进一步研究发现,在非国有企业中董责险对债务成本的抑制作用更显著。据此提出建议:对于企业而言,应积极购买董责险;对于监管部门而言,可以出台相关鼓励措施,进一步加强引导。

Based on the sample of Chinese A-share listed companies from 2004 to 2019,this paper examines the impact and mechanism of D&O liability insurance(hereinafter referred to as“D&O insurance”)on corporate debt cost,and examines the moderating effect of corporate profitability on such impact.It is found that the debt cost of listed companies decreases significantly after the purchase of directors liability insurance,which indicates that the corporate governance role of listed companies in promoting the reduction of debt cost is greater than its opportunistic role.After joined the corporate profitability as regulating variable,the rise of corporate profitability will weaken buy dong principal risks to the enterprise debt costs inhibition,shows that the enterprise purchase dong principal risks on the inhibitory effect of debt costs and higher profitability of debt cost between the inhibitory effect of certain substitution effect,namely for poor profitability of enterprises,The purchase of liability insurance would play a more active role.Further research shows that in non-stateowned enterprises,the impact of liability insurance on the cost of debt is more significant.Therefore,we believe that for enterprises,they should actively purchase directors liability insurance,and for authorities,relevant encouragement measures can be introduced to further strengthen guidance.