董事高管责任保险对企业投资活动的影响——以招商轮船为例  

The Influence of D&O Liability Insurance on Investment Activities of Enterprises:A Case Study of China Merchants Steamship

作　　者：朱文莉[1] 魏兵 ZHU Wenli;WEI Bing

机构地区：[1]陕西科技大学,西安710021

出　　处：《上海市经济管理干部学院学报》2024年第1期39-52,共14页Journal of Shanghai Economic Management College

基　　金：陕西省哲学社会科学研究专项“推进咸阳市高新区高质量发展的路径与策略研究”(2022HZ1597)。

摘　　要：近年来,我国上市公司董事高管责任保险的投保率出现明显上升趋势,学术界对董责险的作用形成三种观点:“管理层激励假说”“外部监督假说”“道德风险假说”,而董责险在中国资本市场上的作用具体支持哪一种假说尚无定论。由于董责险的风险转移作用和补偿机制,企业高管人员的风险厌恶程度可能会有所改变,由此会对企业的投资活动产生影响,但具体是积极作用还是消极作用,尚待进一步研究。以招商轮船为研究对象,选取其2007-2021年的数据样本,就董责险对企业投资活动的影响进行考察。研究结果发现:(1)购买董责险促进了企业对内投资支出增加,而对对内投资效率没有明显作用。(2)购买董责险短期内没有促进企业对外投资支出增加,但显著提高了对外投资效率。(3)相比于长航凤凰未购买董责险,招商轮船购买董责险有利于其投资活动效率的提高和投资收益的稳定。在案例分析的基础上,对董责险在中国资本市场上的发展提出相关建议。In recent years,the insurance rate of Chinese listed company D&O Liability Insurance has increased significantly.Academia has formed three views on the role of D&O Liability Insurance:“managerial motivation hypothesis”,“external supervision hypothesis”and“moral hazard hypothesis”.Which hypothesis is supported by the role of D&O Liability Insurance in China's capital market remains to be determined.Due to the risk transfer function and compensation mechanism of D&O Liability Insurance,the risk aversion degree of senior executives may be changed,which will have an impact on the investment activities of enterprises.However,whether the specific effect is positive or negative needs further research.This paper takes China Merchants Steamship as the research object and selects its data samples from 2007 to 2021 to investigate the impact of D&O Liability Insurance on enterprise investment activities.The results show that:(1)The purchase of D&O Liability Insurance promotes the increase of enterprises'internal investment expenditure but has no obvious effect on the efficiency of internal investment.(2)The purchase of D&O Liability Insurance does not promote the increase of enterprises'outbound investment expenditure in the short term,but significantly improves the efficiency of outbound investment.(3)Compared with the fact that Changhang phoenix does not purchase D&O Liability Insurance,China Merchants Steamship's purchase of D&O Liability Insurance is conducive to the improvement of its investment activity efficiency and the stability of investment income.On the basis of case analysis,this paper puts forward relevant suggestions on the development of D&O Liability Insurance in China's capital market.

关 键 词：董事高管责任保险 投资支出 投资效益 招商轮船 

分 类 号：F273.1[经济管理—企业管理]