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论文编号：	14772
作者编号：	2120223699
上传时间：	2024/6/9 10:00:24
中文题目：	董责险与ESG表现的影响研究——基于投资者关注等视角
英文题目：	Study on the Impact of D&O Insurance on ESG Performance: From the Perspective of Investor Attention and Other Factors
指导老师：	马连福
中文关键字：	董责险;ESG 表现;投资者关注;内部控制;代理成本
英文关键字：	D&O insurance;ESG performance;Investor attention;Internal control;Agency costs
中文摘要：	党的二十大报告指出了高质量发展的重要性，也提出了向绿色发展转型的 要求，对此，企业的高质量发展自然也就成为了一个重要的着力点，而这个着 力点与 ESG 的理念高度一致，那么如何通过提高企业 ESG 表现进而实现可持 续发展就成为了重中之重。此外，近些年来瑞幸咖啡造假、康美药业巨额赔偿， 这些事件除了警醒了对于企业风险的认识，也让董责险更多地进入了公众视野。 实际上，董责险作为诞生于国外环境的保险，其在我国资本市场的适应程度还 有待更多探究，目前学术对董责险的研究主要通过激励假说、外部监督假说以 及道德风险假说展开，对董责险的态度也就分成了积极和消极两种，此外，认 购董责险的行为还是一种信号传递，这也将对企业产生一定的影响。那么董责 险作为一种颇有争议的概念，在当今既要求高质量发展，又频发负面事件的情 况下，能否发挥自己的有益的作用呢？对企业的 ESG 表现有何影响呢？其中的 机制又包括哪些呢？ 针对以上问题，本文选取 2011 年-2022 年沪深两市 A 股上市公司作为研究 样本，在剔除 ST、PT 类、金融业、资产负债率大于 1 及数据缺失样本后，通 过实证方法分析探讨了企业认购董责险对于其 ESG 表现的影响关系。进一步的， 又分别从投资者关注、内部控制和代理成本三个角度检验了影响机制。随后， 还探究了财务状况对于上述影响关系的调节作用以及不同产权性质下影响关系 的差异性。 实证结果表明，（1）企业认购董责险能够提升企业 ESG 表现；（2）企业认 购董责险能够通过提高企业投资者关注度、提升内部控制质量以及降代理成本 进而提升企业 ESG 表现；（3）企业的财务状况能够调节董责险对企业 ESG 表 现的影响关系，即财务状况越差越能够促进该影响；（4）相较于非国有企业， 在国有企业中，董责险对企业 ESG 表现的提升作用更加明显。基于上述结果， 本文提出了以下建议，构建董责险的适用环境，加强企业购险意识，完善董责 险的产品设计，提升投资者对于董责险的关注度。
英文摘要：	The 19th National Congress of the Communist Party of China pointed out the importance of high-quality development and proposed the requirement for transitioning to green development. In this regard, the high-quality development of enterprises naturally becomes a significant focus. This focus aligns closely with the concept of Environmental, Social, and Governance (ESG), making it crucial to explore how to achieve sustainable development by improving corporate ESG performance.oreover, recent incidents such as Luckin Coffee's fraud and the substantial compensation of Kangmei Pharmaceutical not only raised awareness of corporate risks but also brought directors and officers liability insurance (D&O insurance) further into the public eye. As an insurance concept originating from foreign environments, the adaptability of D&O insurance in China's capital market still requires further exploration. Currently, academic research on D&O insurance mainly revolves around incentive hypotheses, external supervision hypotheses, and moral hazard hypotheses, leading to varying attitudes toward D&O insurance, both positive and negative. Additionally, subscribing to D&O insurance is a form of signaling, which can also influence enterprises to a certain extent.Given the controversial nature of D&O insurance and the dual demands for high-quality development and the frequent occurrence of negative events, can D&O insurance play a beneficial role? What impact does it have on corporate ESG performance? What are the underlying mechanisms? To address these questions, this study selected A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022 as research samples. After excluding samples of ST, PT categories, financial industries, those with an asset-liability ratio greater than 1, and samples with missing data, empirical methods were used to analyze the relationship between corporate subscription to D&O insurance and their ESG performance. Furthermore, the influencing mechanisms were examined from the perspectives of investor attention, internal control, and agency costs. Subsequently, the moderating effect of financial conditions on the above relationship and the differences in the relationship under different property rights were explored. Empirical results indicate that: (1) Corporate subscription to D&O insurance can enhance corporate ESG performance; (2) Corporate subscription to D&O insurance can improve corporate ESG performance by increasing investor attention, enhancing the quality of internal control, and reducing agency costs; (3) Corporate financial conditions can moderate the relationship between D&O insurance and corporate ESG performance, with poorer financial conditions promoting this effect; (4) Compared to non-state-owned enterprises, the enhancement effect of D&O insurance on corporate ESG performance is more significant in state-ownrporate insurance awareness, refining the product design of D&O insurance, and increasing investor attention to D&O insurance.
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