| In recent years,with the continuous development of China's economy and the continuous improvement of the social and legal system,the legal awareness of the public is becoming stronger and stronger.In addition,the executives of listed companies have been exposed,making the executives face a high degree of occupational risk.It is generally believed that the directors' and offcers' liability insurance is a special and important insurance in the field of liability insurance.It can not only effectively avoid the litigation risk of the directors,but also protect the interests of the small shareholders in the capital market.But the impact of directors' and offcers' liability insurance on enterprises and the social economy is not only positive,but the liability insurance crisis has been proved by the liability insurance crisis(Wagner,2006).Domestic scholars have carried out systematic research on the requirements,jurisprudence and system of directors' and offcers' liability insurance,but in the existing literature,there are few studies on the risks expressed by directors' and offcers' liability insurance.The risk level of an enterprise is self-evident to the importance of the enterprise.The size of the risk will directly affect the sustainable management of its future,and play a vital role in the future investment and financing process of the enterprise,that is,the risk bearing of the enterprise has its economic consequences,and will have an impact on the value of the enterprise and the social wealth.Summarizing the research results at home and abroad,it is found that directors' and offcers' liability insurance has two kinds of opposite governance effects in corporate governance.It can not only stimulate the behavior decision of the directors and executives,but also produce moral hazard.Therefore,this paper,starting from the enterprise risk,investigates the impact of directors' and offcers' liability insurance on the risk bearing of the enterprise.On this basis,this paper studies the inhibitory analysis of directors' and offcers' liability insurance on enterprise risk bearing from the aspects of enterprise characteristics and the degree of marketing.Further,this paper also discusses the impact mechanism and economy of directors' and offcers' liability insurance on enterprise risk bearing.This paper selects the listed companies of Shanghai and Shenzhen A shares in 2002-2016 as research samples,and uses a variety of methods,such as literature analysis,theoretical analysis and empirical analysis,and model regression analysis to investigate the impact of directors' and offcers' liability insurance on enterprise risk bearing.It is found that the introduction of directors' and offcers' liability insurance will reduce the risk level of enterprises,which is a negative correlation between them.It is found that the effect of the purchase of directors' and offcers' liability insurance on the risk reduction is more obvious in the enterprises,the state-owned enterprises,the high growth and the for-profit enterprises when the directors' and offcers' liability insurance is used to analyze the risk of the enterprise.In the influence of the interaction effect of directors'and offcers' liability insurance and enterprise characteristics on the economic consequences(enterprise value),the role of directors' and offcers' liability insurance in the promotion of enterprise value is more obvious in the large enterprises;directors' and offcers' liability insurance has a better role in promoting the value of the enterprise than the non-state-owned enterprise,but it is not statistically significant;and the high growth enterprise The introduction of directors' and offcers' liability insurance to high profit enterprises will reduce the value of enterprises.This study can not only serve the insurance companies and the capital market,but also improve the management level of directors' and offcers'liability insurance in China,but also expand the theoretical research on the enterprise risk bearing field. |
