董事高管责任保险与独立董事履职行为研究  

Directors’ and Officers’ Liability Insurance and Independent Directors’ Performance

作　　者：史春玲[1] 孙耀东[2] SHI Chunling;SUN Yaodong

机构地区：[1]吉林师范大学管理学院 [2]吉林师范大学数学学院

出　　处：《金融监管研究》2021年第6期37-52,共16页Financial Regulation Research

基　　金：吉林省社会科学基金项目“儒家文化对中国公司治理的影响机制研究”的资助,项目编号2018B71。

摘　　要：本文以出席会议和发表独立意见作为独立董事履职行为的衡量标准,考察了董事高管责任保险的购买对独立董事履职行为的影响。研究发现,董责险的购买显著提高了独立董事发表意见的勤勉度,具体表现为发表独立意见字符数和勤勉字符数更多、投非赞成票的可能性更大;然而董责险的购买对独立董事的参会率则具有负向作用,但该负向作用不会超过勤勉义务的下限。进一步的研究发现,独立董事参会率与企业价值负相关,而发表独立意见与企业价值正相关。此外,较之国有企业,民营企业购买董责险对独立董事发表意见勤勉度的促进作用更强;较之有独董受处罚经历的上市公司,没有该处罚经历的上市公司购买董责险对独立董事发表意见勤勉度的促进作用更强。本文的结论是,董责险在激励独立董事有效履职方面具有积极作用。这为董责险在独立董事群体中的治理效应提供了新的经验证据。This paper takes attending meetings and expressing independent opinions as the measurement of independent directors’ performance, and examines the impact of the purchase of directors’ and officers’ liability insurance on the performance of independent directors. We find that D&O insurance significantly improves the diligent degree of independent director’s opinions, specifically, more words to express independent opinions and be diligent;the possibility of saying "no" is greater. However, D&O insurance has a negative effect on the attendance rate of independent directors, but the negative effect will not exceed the lower limit of diligence duty. Further research shows that the attendance rate of independent directors is negatively correlated with enterprise value, while the independent opinions is positively correlated with enterprise value. In addition, compared with state-owned enterprises, the purchase of D&O insurance by private enterprises has a stronger promoting effect on the diligence of independent directors’ opinions. For the listed companies with no experience of punishment, the purchase of D&O insurance has a stronger promoting effect on the diligence of independent directors in their opinions, rather than that with the experience of punishment. The conclusion of this paper is that D&O insurance plays a positive role in motivating independent directors to perform effectively. This provides new empirical evidence for the governance effect of D&O insurance on the group of independent directors.

关 键 词：董事高管责任保险 独立董事 履职行为 履职风险 公司治理 

分 类 号：F842.6[经济管理—保险]