保险制度设计会影响公司国际化战略吗—来自董事高管责任保险的证据

当代财经 ›› 2021, Vol. 0 ›› Issue (12): 77-89.

保险制度设计会影响公司国际化战略吗—来自董事高管责任保险的证据

唐雪松, 廖望, 廖强

西南财经大学会计学院,四川成都 611130

收稿日期:2021-09-06 出版日期:2021-12-15 发布日期:2021-12-20
通讯作者: 廖强,西南财经大学博士研究生,主要从事公司治理研究,联系方式liaoqiang2021@163.com。
作者简介:唐雪松,西南财经大学教授,博士生导师,博士,主要从事内部控制与风险管理研究;廖望,西南财经大学博士研究生,主要从事资本市场研究。
基金资助:
国家自然科学基金项目“独立董事,高管腐败与外部环境”（71672152）

Will Insurance System Design Affect Corporate Internationalization Strategy Evidences from the Liability Insurance of Directors and Executives

TANG Xue-song, LIAO Wang, LIAO Qiang

Southwestern University of Finance and Economics, Chengdu 611130, China

Received:2021-09-06 Online:2021-12-15 Published:2021-12-20

摘要/Abstract

摘要： 我国致力于以高水平开放助力高质量发展,如何促使企业以快且稳的步调实现由“引进来”向“走出去”的转变是一个重要的现实问题。以2010—2019年A股上市公司为研究样本进行实证分析,结果显示,董责险可显著提升企业的国际化水平。机制分析结果表明,董责险通过抑制高管的风险厌恶倾向以及提高公司风险承担能力,提升企业的国际化水平。进一步分析发现,董责险提升企业国际化水平后,对公司价值产生了显著的增量作用,表明董责险确实有助于提高企业防范和应对国际化风险的能力。

关键词: 董责险, 国际化, 风险分担

Abstract: China is now committed to its high-quality development with high-level opening up. How to realize the transformation of China’ enterprises from“bringing in”to“going out”along a fast and stable path is an important practical issue. Taking the 2010-2019 Chinese A-share listed companies as the research sample, this paper conducts an empirical analysis. The results show that the directors’ and officers’ liability insurance could significantly improve the internationalization level of the enterprises. The results of the mechanism analysis show that the directors’ and officers’ liability insurance can enhance the corporate internationalization level by suppressing the risk aversion tendency of the executives and improving the corporate risk-taking ability. The findings of further analysis show that the directors’ and officers’ liability insurance has a significant incremental effect on the corporate value after the improvement of their internationalization level, which indicates that the directors’ and officers’ liability insurance has indeed improved the ability to prevent and respond to international risks of the enterprises.

Key words: directors' and officers' liability insurance, internationalization, risk sharing

中图分类号:

唐雪松, 廖望, 廖强. 保险制度设计会影响公司国际化战略吗—来自董事高管责任保险的证据[J]. 当代财经, 2021, 0(12): 77-89.

TANG Xue-song, LIAO Wang, LIAO Qiang. Will Insurance System Design Affect Corporate Internationalization Strategy Evidences from the Liability Insurance of Directors and Executives[J]. Contemporary Finance & Economics, 2021, 0(12): 77-89.

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