商业研究

商业研究

• 经营管理 • 上一篇    下一篇

董事高管责任保险与公司绩效 ——基于中国上市公司经验数据的实证检验

凌士显，白锐锋   

  1. 山东大学 商学院， 山东 威海 264209
  • 收稿日期:2017-05-16 出版日期:2017-10-10
  • 作者简介:凌士显（1979-），男，河南开封人，山东大学商学院讲师，经济学博士，研究方向：公司治理结构与理论、保险公司治理；白锐锋（1963-），男，内蒙古鄂尔多斯人，山东大学商学院教授，经济学博士，研究方向：金融计量学。
  • 基金资助:
    山东省社科项目“金融结构优化与经济增长方式转变关系研究”，项目编号：15CJJJ16。

Directors′ and Officers′ Liability Insurance and Firm Performance: An Empirical Test based on the Data of Chinese Listed Companies

LING Shi-xian, BAI Rui-feng   

  1. (Business School of Shandong University, Weihai 264209, China)
  • Received:2017-05-16 Online:2017-10-10

摘要： 董事高管责任保险被视为一种新兴的公司外部治理机制，近年来在发达国家受到重视，在我国其治理功能如何、对公司绩效产生怎样的影响，需要进行相关的研究。基于我国上市公司2009-2015年数据，本文运用混合截面最小二乘法、倾向得分匹配法和Heckman两阶段分析等方法，实证检验董事高管责任险与上市公司市场绩效和财务绩效的关系。研究结果表明，董事高管责任险与上市公司市场绩效呈显著正相关，而与上市公司财务绩效却呈显著负相关，这说明董事高管责任险的激励效应与机会主义行为并存。上述研究结果为我国上市公司认识董事高管责任险的治理职能、促进我国现代企业制度建设提供了经验支持，因此应积极引入董事高管责任险，加强上市公司治理制度建设，促进机制间交互治理作用的发挥。

关键词: 董事责任保险, 市场绩效, 财务绩效, 激励效应, 机会主义

Abstract: Directors′ and officers′ liability (D&O) insurance is regarded as a new external governance mechanism, which has been paid more attention in developed countries. How its governance function and the impact on the performance of the company need to be studied in China. Based on the data of Chinese listed companies from 2009 to 2015, the relationships among D&O, market performance and financial performance were tested by the methods of pooled least squares, PSM and Heckman two stages method. The results showed that D&O had a significant positive influence on market performance, but had a significant negative influence on financial performance, which meant that incentive effect and opportunism behavior coexisted. The results provided an empirical basis for listed companies to deeply understand D&O and to strengthen the construction of modern enterprise system. Therefore, we should introduce liability insurance into companies and improve the construction of governance system to improve the governance function of D&O.

Key words: directors′ and officers′ liability insurance, market performance, financial performance, incentive effect, opportunism behavior