董事高管责任保险与绿色全要素生产率

当代财经 ›› 2023, Vol. 0 ›› Issue (6): 145-156.

• 现代会计 • 上一篇

董事高管责任保险与绿色全要素生产率

李源¹, 赵阳¹, 秦帅²

1.暨南大学管理学院/广州区域低碳经济研究基地,广东广州 510632;
2.广东工业大学管理学院,广东广州 510520

收稿日期:2022-10-06 修回日期:2023-03-28 出版日期:2023-06-15 发布日期:2023-09-13
通讯作者: 秦帅,广东工业大学讲师,博士,主要从事会计与资本市场研究,联系方式qinshuai@gdut.edu.cn。
作者简介:李源,暨南大学博士研究生,主要从事环境会计研究;赵阳,暨南大学讲师,博士,主要从事环境会计研究
基金资助:
国家自然科学基金青年项目“边界污染、环境垂直管理与企业绩效研究”（72102149）; 广州市哲学社会科学规划课题“广州推进要素市场化配置改革研究：以绿色金融与绿色创新融合发展为例”（2021GZQN05）

Director and Executive Liability Insurance and Green Total Factor Productivity

LI Yuan¹, ZHAO Yang¹, QIN Shuai²

1. Jinan University, Guangzhou 510632;
2. Guangdong University of Technology, Guangzhou 510520, China

Received:2022-10-06 Revised:2023-03-28 Online:2023-06-15 Published:2023-09-13

摘要/Abstract

摘要： 高质量发展要求质量第一、效益优先,形成绿色生产方式,正确把握环境保护和经济发展的关系。基于2017—2021年沪深A股上市公司的经验证据表明,董事高管责任保险显著降低了绿色全要素生产率,在进行稳健性检验后,上述结论依然成立。董事高管责任保险对绿色全要素生产率的负面影响主要通过限制企业绿色转型实现,这种负向效应在环境风险较高的情况下更为显著;但若公司治理机制运行有效,董事高管责任保险对绿色全要素生产率的负面影响将会被抑制。拓展性检验发现,董事高管责任保险降低了企业资源配置效率,导致企业粗放生产,进而使绿色全要素生产率降低。上述结论表明,若缺乏有效的公司治理机制和环境保护制度,董事高管责任保险可能会对企业绿色转型和高质量发展产生不利影响。因此,应进一步完善公司治理机制,加强环境保护制度建设,发挥政府、公众和保险公司的作用,使管理层更注重长期利益,从而促使董事高管责任保险产生相对积极的经济后果。

关键词: 董事高管责任保险, 绿色全要素生产率, 高质量发展

Abstract: High quality development requires quality foremost and efficiency first to form a green production mode and to correctly grasp the relationship between environmental protection and economic development. Based on the empirical evidence of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2017 to 2021, this paper conducts a study. The findings show that the directors’ and executives’ liability insurance has significantly reduced green total factor productivity. After the robustness test, the above conclusion is still valid. The negative impact of director and executive liability insurance on green total factor productivity is mainly realized by limiting the green transformation of enterprises, and this negative effect is more significant in situations with higher environmental risks. But if the corporate governance mechanism operates effectively, the negative impact of director and executive liability insurance on green total factor productivity will be suppressed. The extensive testing reveals that the director and executive liability insurance reduces the efficiency of enterprise resource allocation, leading to the extensive production of enterprises and then a decrease in green total factor productivity. The above conclusion indicates that in the absence of effective corporate governance mechanisms and environmental protection systems, the director and executive liability insurance may have adverse effects on the green transformation and high-quality development of enterprises. Therefore, it is necessary to further improve the corporate governance mechanism, strengthen the construction of environmental protection systems, give full play to the government, the public, and insurance companies, and make the management pay more attention to long-term interests, thereby promoting the director and executive liability insurance to generate relatively positive economic consequences.

Key words: director and executive liability insurance, green total factor productivity, high quality development

中图分类号:

F275.5

李源, 赵阳, 秦帅. 董事高管责任保险与绿色全要素生产率[J]. 当代财经, 2023, 0(6): 145-156.

LI Yuan, ZHAO Yang, QIN Shuai. Director and Executive Liability Insurance and Green Total Factor Productivity[J]. Contemporary Finance & Economics, 2023, 0(6): 145-156.

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董事高管责任保险与绿色全要素生产率

Director and Executive Liability Insurance and Green Total Factor Productivity

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