董事高管责任保险与企业ESG表现——来自中国上市公司的经验证据

Director and Senior Executive Liability Insurance and Corporate ESG Performance

董事高管责任保险作为一种市场化治理机制,能否发挥“激励效应”和“监督效应”,并对企业ESG水平产生影响亟需进行实证检验。本文基于2009—2020年中国沪深A股非金融上市企业样本,考察公司购买董事高管责任保险对企业ESG水平的影响机制。研究表明:企业购买董事高管责任保险后,企业ESG水平显著提升,此结论在经过一系列稳健性检验后仍成立;机制检验发现,董事高管责任保险通过激励企业绿色创新与降低代理成本渠道提高企业ESG水平;异质性检验发现,董事高管责任保险对绿色金融发展水平和法治化水平较低地区以及国有及高管持股较高企业ESG表现的促进作用更大。因此,政府要鼓励企业积极参保,发挥董事高管责任保险监督激励效应;强化内外部治理渠道,助力企业绿色发展;健全相关法律法规,不断完善董事高管责任保险制度设计。

As a market-oriented governance mechanism,whether director and senior executive liability insurance can exert"incentive effect"and"supervision effect"and have an impact on corporate ESG level urgently needs to be empirically tested.Based on the sample of China's non-financial listed enterprises in Shanghai and Shenzhen A-shares from 2009 to2020,this paper examines the influence mechanism of company's purchase of director and senior executive liability insurance on the ESG level of enterprises.Research shows that the ESG level of enterprises has been significantly improved after the purchase of the director and senior executive liability insurance and this conclusion still holds after a series of robustness tests;according to the mechanism test,director and senior executive liability insurance can improve the ESG level of enterprises by encouraging green innovation and reducing agency costs;heterogeneity test finds that director and senior executive liability insurance has a greater effect on the ESG performance of enterprises with low level of green finance development,low level of law rules,and high state-owned and senior executive shareholding.Therefore,the government should encourage enterprises to actively participate in insurance and give full play to the supervisory and incentive effects of director and senior executive liability insurance;strengthen internal and external governance channels to support green development of enterprises;promote relevant laws and regulations,and continuously improve the design of director and senior executive liability insurance system.