董事高管责任保险对制造业企业环境绩效的影响研究  

Research on the Impact of Directors and Officers Liability Insurance on Environmental Performance of Manufacturing Enterprises

作　　者：王雅婷[1] 刘嘉艳 Wang Yating;Liu Jiayan

机构地区：[1]首都经济贸易大学金融学院,北京100070

出　　处：《公共财政研究》2025年第1期51-67,共17页Public Finance Research Journal

摘　　要：企业环境绩效作为衡量企业环境管理能力的核心指标,受到企业内部治理机制的影响,而董事高管责任保险作为企业内部治理机制的新兴要素,对企业环境绩效的影响有待考证。本文选取2018—2022年度我国A股上市的制造业企业为研究样本,通过实证计量研究,得出以下结论:(1)董事高管责任保险可以显著促进制造业企业环境绩效,结果稳健;(2)机制研究发现,董事高管责任保险通过提升企业绿色创新水平促进企业环境绩效的改善;(3)异质性分析发现,非国有的制造业企业以及高污染型制造业企业投保董事高管责任保险对环境绩效有更显著的积极作用。基于以上结论,本文从监管部门、保险行业与投保企业的角度提出建议,以期为董事高管责任保险的发展提供参考。As a core indicator for measuring corporate environmental management capabilities,corporate environmental performance is influenced by internal corporate governance mechanisms.Directors'and Officers'Liability Insurance(D&O Insurance),as an emerging element of internal corporate governance mechanisms,warrants further examination regarding its impact on corporate environmental performance.This paper selects manufacturing enterprises listed on China’s A-share market from 2018 to 2022 as the research sample and draws the following conclusions through empirical quantitative research:(1)D&O Insurance can significantly promote the environmental performance of manufacturing enterprises,with robust results;(2)Mechanism research reveals that D&O Insurance enhances corporate environmental performance by improving the level of green innovation within enterprises;(3)Heterogeneity analysis shows that the purchase of D&O Insurance by non-state-owned manufacturing enterprises and high-pollution manufacturing enterprises has a more significant positive effect on corporate environmental performance.Based on these conclusions,this paper proposes recommendations from the perspectives of regulatory authorities,the insurance industry,and insured enterprises,aiming to provide references for the development of D&O Insurance.

关 键 词：董事高管责任保险 制造业 企业环境绩效 

分 类 号：F840.65[经济管理—保险]