Directors' Liability Insurance,property Right Nature And Enterprise Innovation

In recent years,with the continuous improvement of the legal system of the capital market and the increasing awareness of the protection of investors' rights and interests,the litigation risks faced by the directors and executives of the listed companies in our country are more and more frequent,and the increase of the risk of litigation has greatly influenced the innovation of the listed companies in our country.The director liability insurance plays an important role in the corporate governance.As a risk sharing mechanism,it can not only share the shareholder's litigation risks that the directors are faced with in the enterprise management activities because of improper behavior or negligence,but also can use it as an external supervision mechanism to supervise the management behavior of the managers.After introducing the insurance mechanism of the directors' liability,the listed companies can not only reduce the performance risk of the directors,but also use their external supervision to reduce the executive's opportunism motivation,so as to encourage them to be bold and innovative.From the perspective of corporate governance,this paper selects 2005-2014 years of China's Shanghai and Shenzhen A shares listed companies as samples,through empirical research to investigate the impact of the company's introduction of directors' liability insurance on enterprise innovation,and further study the influence of the interaction effect of directors' liability insurance and property rights on enterprise innovation.It is found that the variables of director liability insurance are positively correlated with the enterprise innovation agent variables.It shows that the introduction of directors liability insurance in Listed Companies in China can motivate enterprise innovation,and the negative significant coefficient of the interaction effect indicates that the property property of the state holding company weakens the positive correlation between the insurance of directors' liability and the innovation of the enterprise.Through the research conclusion,we can further improve the director's liability insurance system,give full play to the incentive effect of the director's liability insurance to the innovation of the listed enterprises,and deepen the reform of the property right system and enhance the policy inspiration of the enterprise innovation vitality.