中国上市公司董事责任险需求的实证研究

发布时间：2018-11-13 07:03

【摘要】：董事责任险是以公司董事、经理等高级管理人员向公司或第三者(股东、债权人等)承担的民事赔偿责任为保险标的的一种保险。为了探讨影响我国上市公司董事责任险需求的因素，本文在总结及学习前人的研究成果的基础上，，选取2007-2010年上半年的董事责任险相关数据进行了分析研究和实证检验，得到以下结论： 1、现阶段我国上市公司董事责任险需求不足。我国购买董事责任险的上市公司主要集中在制造业和金融行业，其次是交通运输、仓储业等。 2、在实证分析中，独立董事比例与公司的董事责任险需求显著正相关；股权集中度、控股股东的影响力与公司对董事责任险的需求显著负相关；国有公司控股与公司的董事责任险需求显著正相关；股权国际化在一定程度上促进了我国上市公司董事责任险的需求；公司的收购与剥离行为与公司董事责任险需求显著正相关；公司规模、公司违约记录与公司董事责任险需求正相关，但其影响并不显著；资产收益率和资产负债率等财务指标与公司的董事责任险需求微弱负相关。文章最后，论文提出了几点原则性的建议：制度层面，应建立健全股东诉讼机制，进一步完善独立董事制度；监管层面，监管机构应该公开董事责任险相关信息；保险公司层面，应该设计出更加实用和灵活的董事责任险保单；公司层面，应加强公司治理结构的优化，健全董事保护机制。
[Abstract]:Director liability insurance is a kind of insurance which takes the civil liability of directors, managers and other senior managers to the company or the third party (shareholders, creditors, etc.) as the subject matter of insurance. In order to explore the factors that affect the demand of directors liability insurance of listed companies in China, this paper, on the basis of summarizing and studying the previous research results, selects the relevant data of directors liability insurance in the first half of 2007-2010 to carry on the analysis research and the empirical test. The conclusions are as follows: 1. At present, the demand for directors liability insurance of listed companies in China is insufficient. The listed companies buying directors liability insurance mainly focus on manufacturing and finance, followed by transportation, storage and so on. (2) in the empirical analysis, the proportion of independent directors is significantly positively correlated with the demand for directors liability insurance, and the ownership concentration, the influence of controlling shareholders and the demand for directors liability insurance are significantly negative correlation between the proportion of independent directors and the demand for directors liability insurance. There is a significant positive correlation between the holding of state-owned companies and the demand for directors' liability insurance, and the internationalization of equity promotes the demand of directors' liability insurance to some extent. The behavior of acquisition and divestiture is positively correlated with the demand for directors liability insurance, the company size, the record of corporate default and the demand for directors liability insurance are positively correlated, but the influence is not significant. The financial indexes such as the return on assets and the ratio of assets to liabilities have a weak negative correlation with the demand for directors' liability insurance. At the end of the article, the paper puts forward some suggestions in principle: at the institutional level, the shareholder litigation mechanism should be established and the independent director system should be further improved, and at the supervisory level, the supervisor should disclose the relevant information of directors' liability insurance. At the level of insurance company, we should design a more practical and flexible director liability insurance policy, and at the company level, we should strengthen the optimization of corporate governance structure and perfect the protection mechanism of directors.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F842.6;F832.51;F224

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