金融学院知识库

我国经济正处于向高质量发展转型的新时期，现代社会更加关注企业可持续发展能力，关注环境(E)、社会（S）、治理（G）三个维度综合治理的ESG理念发展如火如荼。市场也不在局限于关注传统的财务表现，更多的目光投入在员工、环境、股东、社会等方面的责任履行。而作为一种新兴的治理机制，目前董事高管责任保险（以下简称董责险）在我国上市公司投保率相对较低，相应的产品也较为稀缺，尚未引起足够的重视。
本文运用保险、会计、企业管理等相关学科知识，以董责险的治理效能为出发点，探究董责险对企业社会责任履行的作用关系，旨在回答以下具体问题：1.董责险的投保行为能否提升企业的社会责任？ 2. 如果能够提升，其机制是什么？3. 在这一过程中，企业治理水平、治理结构、高管个人特征等因素是否会对两者之间的关系产生影响。
为了探究以上问题的答案，本文以和讯网披露的2010—2021年上市公司CSR信息为研究对象，通过实证发现了董责险对企业社会责任的提升作用，并使用敏感性检验、自变量滞后、PSM匹配、替换被解释变量四种不同方法验证了结论的稳健性。本文进一步研究了基于信息渠道的中介机制，即董责险能通过改善会计信息质量进而提升企业社会责任。随后，通过构建调节模型发现，董事会及高管个人特征能够与董责险发生交互作用，调节董责险对企业社会责任的影响，其中独董比例以及拥有海外背景的高管比例能够与董责险的治理机制互补，促进企业承担更高社会责任，而女性高管比例更高则会弱化董责险对企业社会责任的提升能力。此外，本文还发现董责险在不同的公司规模及治理环境中对企业社会责任的影响存在异质性：董责险在规模企业、管理者短视程度较高以及较高水平的企业内控质量时才对企业社会责任有显著提升作用。
在此基础上，本文结合企业治理相关现状提出了相应对策建议。通过对企业社会责任这一视角的研究，进一步开拓了董责险在公司治理领域的研究边际，为我国当前企业的社会责任建设与内在价值提升都提供了新的思路，也对董责险的条款优化和在我国的本土化发展具有一定的参考价值。

China's economy is in a new period of transformation to high-quality development, modern society pays more attention to the sustainable development ability of enterprises, and focuses on the ESG concept of integrated governance in the three dimensions of environment (E), society (S) and governance (G). The market is no longer limited to traditional financial performance, but more attention is paid to the performance of employees, the environment, shareholders, society and other aspects of responsibility. As a new governance mechanism, the coverage rate of Directors and officers liability (hereinafter referred to as D&O) insurance in listed companies in China is still at a low level, and the related products are relatively few, which has not attracted enough attention in China. 
Based on the knowledge of insurance, accounting, enterprise management and other relevant disciplines, this paper takes the governance effectiveness of D&O insurance as the starting point to explore the relationship between D&O insurance and CSR fulfillment, aiming to answer the following specific questions: 1. Can D&O insurance enhance corporate social responsibility? 2. What mechanisms are in place for this process? 3. Is there any difference in the functional relationship between the two under the influence of different factors such as corporate governance level, governance structure and senior executives' personal characteristics?
To explore the answers to the above questions. This paper first analyzes the development status of CSR and D&O insurance in China, and analyzes the relationship between D&O insurance, CSR and the two based on domestic and foreign literature. Then, taking the CSR information of listed companies from 2010 to 2021 disclosed by Hexun as the research object, this paper empirically found the role of D&O insurance in improving corporate social responsibility, and verified the robustness of the conclusion by using four different methods: sensitivity test, independent variable lag, PSM matching and replacement of explained variables. On this basis, the paper further studies the intermediary mechanism based on information channels, that is, the directors' liability insurance can improve the quality of accounting information to enhance corporate social responsibility, and finds that the personal characteristics of the board of directors and senior executives can interact with the directors' liability insurance and affect the regulatory role of directors' liability insurance on corporate social responsibility by building an adjustment model. Among them, the proportion of independent directors and the proportion of executives with overseas background can complement the governance mechanism of D&O insurance and promote enterprises to assume higher social responsibility, while a higher proportion of female executives will weaken the ability of D&O insurance to enhance corporate social responsibility. This paper also finds that the impact of directors' liability insurance on CSR is heterogeneous in different company sizes and governance environments: D&O insurance has a significant effect on CSR only when large-scale enterprises, managers have a high degree of short-sightedness and a high level of internal control quality. 
On this basis, this paper puts forward corresponding countermeasures and suggestions in combination with the current situation of corporate governance. Through the study of corporate social responsibility, this paper further expand the research margin of D&O liability insurance in the field of corporate governance, and provides a new idea for the construction of corporate social responsibility and the improvement of intrinsic value in China, and also has certain reference value for the optimization of D&O insurance clauses and the localization development in China.