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以中国2002-2013年沪深A股上市公司为样本,实证研究董事高管责任保险(简称“D&O保险”)对于企业风险承担的影响。研究发现,D&O保险的购买提升了企业风险承担水平,说明D&O保险起到了良好的公司治理作用;当企业成长性更好,企业所在地区市场化程度更高时,D&O保险对企业风险承担的促进作用显著更强。进一步研究表明,D&O保险通过提升企业的创新能力显著提升了企业风险承担水平。研究结论为我国企业引入和发展D&O保险提供了经验参考。
Taking the Chinese CSI A-share listed companies from 2002 to 2013 as a sample, this paper empirically studies the impact of executive liability insurance (“D & O”) on corporate risk taking. The study found that the purchase of D & O insurance enhanced the level of corporate risk exposure, indicating that D & O insurance played a good corporate governance role. When the business growth is better and the marketization degree in the region is higher, the promotion of corporate risk appetite The effect is significantly stronger. Further research shows that D & O insurance significantly enhances the corporate risk appetite by enhancing the innovation capability of enterprises. The conclusion of the study provides an empirical reference for Chinese enterprises to introduce and develop D & O insurance.