“安则兼善天下”:董责险与企业社会责任履行  

“If Worry⁃free,One would Let Others Be Benefited”:D&O Liability Insurance and Corporation Social Responsibility

作　　者：唐松莲 顾倩 文雯 梁上坤[3] Tang Songlian;Gu Qian;Wen Wen;Liang Shangkun(Glorious Sun School of Business and Management,Donghua University,Shanghai 200051;School of Business,East China University of Technology,Shanghai 200237;School of Accountancy,Central University of Finance and Economics,Beijing 100081)

机构地区：[1]东华大学旭日工商管理学院,上海200051 [2]华东理工大学商学院,上海200237 [3]中央财经大学会计学院,北京100081

出　　处：《管理评论》2023年第9期205-221,共17页Management Review

基　　金：国家自然科学基金面上项目(71672059,71872196);国家自然科学基金青年项目(71402198)。

摘　　要：履行企业社会责任是公司管理层的核心任务,故构建促进管理层履行社会责任的机制至关重要。本文利用2010—2020年沪深A股上市公司数据,验证董责险是否是管理层履行社会责任的促进机制。研究结果表明:公司管理层“安则兼善天下”,具体表现为:第一,董责险可提升管理层履行企业社会责任积极性,且公司所在地区法治环境越差,董责险提升企业社会责任履行作用越显著;第二,董责险主要通过提升管理层乐观度来促进其履行社会责任。进一步研究发现,董责险对企业社会责任履行的促进作用主要体现在员工、供应链和环境责任;国有企业和大规模公司购买董责险更能促进管理层履行企业社会责任。研究为构建企业社会责任履行促进机制提供了新视角,也为资本市场全面认识董责险功能,进而借力董责险促进上市公司高质量发展提供新思路。Fulfilling corporate social responsibility(CSR)is a core task of corporate management,so it is very important to construct a CSR⁃promoting mechanism.Based on the data of A share listed companies in Shanghai and Shenzhen exchanges from 2010 to 2020,this paper tests whether directors’and officers’(D&O)liability insurance is a promoting mechanism for management to fulfill their CSR.The findings are as follows.Firstly,D&O liability insurance can enhance the enthusiasm of the management in fulfilling CSR and the en⁃hancing effect is especially significant for the companies that operate in a poor legal environment.Secondly,the enhancement is achieved mainly because the insurance makes management more optimistic.Further test shows that the CSR⁃promoting effect of D&O liability in⁃surance is mainly reflected at the levels of employee,supply chain and environmental liability.And the promoting effect is more signifi⁃cant in state⁃owned enterprises and large⁃scale companies.This paper provides a new perspective for CSR⁃promoting mechanism,and also provides a new way for the capital market to fully understand the function of D&O liability insurance and further promote the high⁃quality development of listed companies through the insurance.

关 键 词：董责险 企业社会责任 管理层乐观度 文本分析 地区法治环境 

分 类 号：F270[经济管理—企业管理] F842.69[经济管理—国民经济] F832.51