董事责任险购买与公司战略变革  

D&O Insurance Purchasing and Firms’Strategic Change

作　　者：梁上坤[1] 俞俊利 宋顺林[1] LIANG Shangkun;YU Junli;SONG Shunlin(School of Accountancy,Central University of Finance and Economics,Beijing,100081,China;School of International and Public Affairs,Shanghai Jiao Tong University,Shanghai,200030,China)

机构地区：[1]中央财经大学会计学院 [2]上海交通大学国际与公共事务学院

出　　处：《金融评论》2021年第2期65-86,125,共23页Chinese Review of Financial Studies

基　　金：国家自然科学基金面上项目(71872196);国家自然科学基金青年项目(71402198);国家社会科学基金重大项目(19ZDA098)的阶段性成果;中央高校基本科研业务费专项资金;中央财经大学科研创新团队计划的资助。

摘　　要：以2002-2014年中国A股上市公司为样本,本文研究了董事责任险购买对公司战略变革的影响。结果显示:(1)董事责任险购买对公司战略变革存在显著的正向影响,董事责任险的引入将提升公司战略的进攻性;(2)区分财务风险水平,董事责任险购买与公司战略变革的正向关系主要存在于高财务风险的公司中;(3)区分股权激励水平,则这一关系主要存在于低管理者持股的公司中。进一步研究显示,开始购买董事责任险与停止购买责任险均会影响公司战略变革,但后者的影响较为微弱;对于已经采取进攻性战略的公司,董事责任险购买将进一步提升其战略进攻性;此外,董事责任险购买有利于公司价值的提升。本文的研究不仅丰富了董事责任险购买影响后果的研究,也为公司战略变革影响动因的识别提供了新证据。Using Chinese listed firms from 2002 to 2014 as the sample,this paper studies the effect of D&O insurance purchasing on firms’strategic change.The results show that D&O insurances purchasing can promote firms’strategic change.Firms’strategy becomes more aggressive with the purchasing of D&O insurance.The above effect mainly exists in firms with higher financial risk and lower managers’shareholding.The results also show that there is a significant raise in strategic aggression when firms begin to purchase D&O insurances,but there is no significant decline when firms stop to purchase D&O insurances.In addition,only those defined as Prospectors improve their strategic aggression when D&O insurances are purchased.D&O insurance benefits firms’value.The findings of this paper enrich the literature both on the consequences of D&O insurance purchasing and the determinants of firm strategic change.

关 键 词：董事责任险 战略变革 财务风险 股权激励 

分 类 号：F842[经济管理—保险]