董事高管责任保险与企业研发会计政策选择——基于中国A股资本市场的经验证据  

Directors'and officers'liability insurance and choice of accounting policy for enterprise R&D:empirical evidence from China's A-share capital market

作　　者：胡国柳 常启国 HU Guoliu;CHANG Qiguo(School of Accounting,Zhejiang Gongshang University,Hangzhou 310018,China;School of Economics and Management,Huzhou University,Huzhou 313000,China)

机构地区：[1]浙江工商大学会计学院,浙江杭州310018 [2]湖州师范学院经济管理学院,浙江湖州313000

出　　处：《海南大学学报(人文社会科学版)》2025年第2期181-193,共13页Journal of Hainan University (Humanities & Social Sciences)

基　　金：国家社会科学基金重点项目(20AJY002)。

摘　　要：本文以2007—2023年中国A股上市公司为样本,考察了董事高管责任保险(简称“董责险”)认购对企业研发会计政策选择的影响。研究发现,董责险认购显著促进了企业研发支出资本化,通过工具变量法等控制潜在内生性问题后,结论依然稳健。机制检验表明,董责险认购通过提升管理层风险偏好增强其基于研发会计政策实施盈余操纵的机会主义动机,从而促进企业研发支出资本化。此外,研究还发现当企业面临更大的融资和业绩压力时,董责险认购对研发支出资本化的正向作用更明显;而当企业面临更强的内部和外部监督时,董责险的正向效应会被弱化。最后,经济效应检验表明,董责险认购后企业研发支出资本化会导致其实质性创新产出减少,而对策略性创新产出则没有显著影响。本文验证了董责险在企业研发会计政策选择中的重要作用,也为健全和完善我国研发支出会计准则提供了有益的启示。With China's A-share listed companies from 2007 to 2023 as the sample,this paper examines the impact of the directors'and officers'liability insurance(D&O insurance)on the choice of accounting policy for enterprise R&D.Research finds that the D&O insurance has a positive effect on enterprise R&D capitalization,which remains robust after the potential endogeneity issues are controlled through the instrumental variables.The mechanism testing indicates that the D&O insurance amplifies the opportunistic incentives that the management layers conduct earnings manipulation based on the R&D accounting policy through the improvement of their risk appetites,and facilitate capitalization of enterprise R&D expenditures.In addition,it is found that the D&O insurance has a stronger positive effect on capitalization of R&D expenditures when an enterprise is subject to the greater financing and performance pressures;and the positive effect of D&O insurance will be weakened when the enterprise is subject to the greater internal and external scrutiny.Finally,the testing of economic effect shows that the enterprise R&D capitalization induced by the D&O insurance leads to a decrease in the substantial innovation outputs,while there is no significance impact on the strategic innovation outputs.This paper verifies the key role of the D&O insurance in the choice of accounting policy for the enterprise R&D,and provides useful insights into improving and perfecting the accounting standards for China's R&D expenditures.

关 键 词：董事高管责任保险 研发支出资本化 会计政策选择 

分 类 号：F275.1[经济管理—企业管理] F231.6[经济管理—国民经济]