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论文编号：	14644
作者编号：	2120223641
上传时间：	2024/6/5 16:35:23
中文题目：	董事高管责任险、审计质量与过度投资研究
英文题目：	The Research on D&O Insurance, Audit Quality and Over-investment
指导老师：	张继勋
中文关键字：	董事高管责任险；审计质量；过度投资；代理成本
英文关键字：	Directors’ and Officers’ Insurance; Audit Quality; Over-investment; Agency Cost
中文摘要：	鉴于董事高管责任险在我国仍处于发展初期阶段，因此相关研究对于它能够产生的具体影响以及带来的后果并未达成一致意见，董事高管责任保险对过度投资的作用值得进一步研究。同时，独立的第三方审计也是一种降低代理成本的手段，可能会对过度投资程度产生影响。那么高质量审计和董事高管责任险同时影响过度投资时，又会产生怎样的影响，也是值得探究的。 论文选取2012至2022年我国A股上市公司为研究研究样本，探究董事高管责任险对过度投资的影响，以及审计质量作为调节变量对董事高管责任险影响过度投资的影响，并得出以下结论：第一，董事高管责任险能够抑制公司过度投资程度；第二，审计质量对董事高管责任险抑制过度投资有负向调节作用，在审计质量较差时，董事高管责任险能更好地降低过度投资程度；第三，在机制研究中，董事高管责任险能够通过降低第一类和第二类代理成本来抑制过度投资；第四，在异质性分析中，股权集中度越高，董事高管责任险抑制公司过度投资的效果越好，审计质量对董事高管责任险抑制过度投资的负向调节作用越好。本文对如何让董事高管责任险更好地发挥作用，如何更好地保护广大投资者利益也提供了相应的启示，并向政府监管部门和企业提出相应的建议，有助于推动各方履行职责，促进资本市场健康有序发展。
英文摘要：	In view of the fact that D&O insurance is still in the early stage of development in China, there is no consensus on the specific impact it can have and the consequences it can bring. Therefore, the role of D&O insurance on over-investment deserves further study. At the same time, independent third-party audits are also a means of reducing agency costs, which can have an impact on the degree of over-investment. It is also worth exploring what impact high-quality audits and D&O insurance will have when they affect over-investment at the same time. This paper selects China's A-share listed companies from 2012 to 2022 as the research sample, and refers to the research methods of previous literatures to explore the impact of D&O insurance on over-investment, and the impact of audit quality as a moderating variable on the impact of D&O insurance on over-investment, and draws the following conclusions: first, D&O insurance can inhibit the degree of over-investment, second, audit quality has a negative moderating effect on D&O insurance to curb over-investment, and D&O insurance can better curb over-investment when the audit quality is poor, and third, in the mechanism research, fourth, in the heterogeneity analysis, the higher the equity concentration, the better the effect of D&O insurance in curbing over-investment, and the better the negative moderating effect of audit quality on D&O insurance in curbing over-investment. This article also provides corresponding enlightenment on how to make D&O insurance play a better role and how to better protect the interests of investors, and puts forward corresponding suggestions to government regulators and enterprises, which will help promote all parties to fulfill their responsibilities and promote the healthy and orderly development of the capital market.
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