Directors and Officers Liability Insurance and High-Quality Development of Enterprises:From the Perspective of Agency Cost and Innovation Incentive  

作　　者：ZHANG Zenglian XU Fangyuan 

机构地区：[1]School of Economics&Manage-ment,University of Science and Technology Beijing,Beijing 100083,China

出　　处：《Frontiers of Business Research in China》2022年第4期394-411,共18页中国高等学校学术文摘·工商管理研究（英文版）

基　　金：This paper is supported by the National Social Science Funds of China on the research“Governance Effect and Path of State Audit in Central State-owned Enterprises”(No.19BGL049);Department of Philosophy and Society,Ministry of Education on the research“Government Administrative Cost Optimization Research”(No.19JHQ097);Basic Scientific Research Funds of the Central Universities Special fund project on the research“Identification,Evaluation and Control of Local Government’s True and False Latent Debt Risks”(No.FRF-MP-20-13);This paper is awarded excellent paper in East China Economic Management of the year 2021.

摘　　要：High-quality economic development can be achieved if a major strategic direction for China are delivered from the macro level to the micro level.Taking A-listed enterprises in China from 2005 to 2018 as samples,this paper studies the impact of directors and officers liability insurance(D&O insurance)on the high-quality enterprise development.The research results show that D&O insurance can promote high-quality development.In addition,the mechanism test shows that D&O insurance can reduce agency costs and improve innovations and high-quality enterprise development.Further analysis shows that when state-owned enterprises including their internal controls has no major defects,D&O insurance has more significant positive impact.Thus,this paper suggests that the insurance should be promoted for realizing high-quality enterprise development.

关 键 词：directors and officers liability insurance(D&O insurance) high-quality enterprise development agency cost innovative behavior 

分 类 号：F842[经济管理—保险]