企业特征、董事责任保险与投资政策

发布时间：2018-01-22 03:03

本文关键词： 企业特征董事责任保险投资政策　出处：《天津商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：董事责任保险作为一种专门的责任风险分散与权益保障机制，于20世纪30年代发端于美国，经过几十年的发展，如今在欧美等西方国家得到了广泛的应用，高达90%的上市公司为其董事及高管购买了董事责任保险。而在我国，董事责任保险的发展还处于初级阶段，上市公司的投保率只达到5%左右。国内外巨大的发展差距引起了国内学者的关注，人们注意到，在投保率仅为5%的上市企业中，一般都是资金非常雄厚的、或国有或海外上市的大公司。然而，什么样的企业对董事责任保险更有需求，以及董事责任保险在我国能否真正起到其应有的作用，理论界并没有给出明确的答案。由于我国当前相关法律法规并不健全，董事和高管面临的责任风险并不大，其遭遇诉讼赔偿的几率甚微，而且保险不是免费的商品，企业购买董事责任保险的行为就显得难以理解。是什么样的企业购买了董事责任保险？购买了董事责任保险之后能否对企业的经营决策起作用？这就是本文将要研究的主要问题。本文首先研究了具有哪些特征的企业会购买董事责任保险，在此基础上，从投资决策的视角来探讨：对于购买了董事责任保险的企业，董事责任保险能否真正发挥作用而影响企业的投资决策，据此来检验董事责任保险在我国是否流于形式。本文以2005—2011年我国沪深两市上市公司的数据为样本，先从企业规模、最终控制人类型、是否海外上市等几个维度来考察企业特征对董事责任保险需求的影响；然后进一步，探讨企业购买了董事责任保险之后，其投资水平是否发生显著变化。通过研究发现，企业特征对董事责任保险需求有一定的影响。实证的结果表明，企业的规模及海外背景等特征对企业的董事责任保险需求的影响显著正相关，企业的盈利能力和管理层持股等特征与董事责任保险的需求负相关，实证的结果和我们预期的符号一致；同时，董事责任保险对企业投资水平的研究结果显示：企业购买董事责任保险之后,其投资水平没有发生显著变更，支持了我们的假设，，同时也在一定程度上说明，现阶段，董事责任保险在我国只是流于形式，并未发挥其应有的作用。本文的贡献主要在于：在我国企业股权相对集中，国有股权一股独大,法律体系不健全等特殊社会背景下，研究企业特征、董事责任保险和投资政策三者之间的关系，不仅对国外发展成熟的董事责任保险在中国的需求及适用性进行了检验，更揭示了董事责任保险在我国流于形式的现状。这对于我们加快完善董事责任保险相关立法，早日建立同国外一样成熟完备的董事责任保险体制，推动董事责任保险在我国的健康发展有重要作用。
[Abstract]:Director liability insurance as a special liability risk dispersion and rights and interests protection mechanism, started in 1930s in the United States, after decades of development, now in Europe and the United States and other Western countries have been widely used. Up to 90% of the listed companies have taken out directors' liability insurance for their directors and executives, but in China, the development of directors' liability insurance is still in the initial stage, and the insured rate of listed companies is only about 5%. The huge development gap at home and abroad has attracted the attention of domestic scholars, people noted that in the insured rate of only 5% listed enterprises, generally are very strong funds. However, what kind of enterprises have more demand for directors' liability insurance, and whether directors' liability insurance can really play its due role in our country. The theorists have not given a clear answer. Because the relevant laws and regulations of our country are not perfect, the liability risk of directors and executives is not big, the probability of its encounter lawsuit compensation is very little, and insurance is not free commodity. It is difficult to understand the behavior of buying director's liability insurance. What kind of enterprise bought director's liability insurance? After purchasing director's liability insurance, can it play an important role in the business decision of the enterprise? This is the main problem to be studied in this paper. First of all, this paper studies what characteristics of enterprises will buy director liability insurance, on the basis of this, from the perspective of investment decision-making: for the purchase of directors liability insurance enterprises. Whether directors' liability insurance can really play a role in the investment decisions of enterprises. This paper takes the data of the listed companies in Shanghai and Shenzhen from 2005 to 2011 as a sample, first of all, from the scale of the enterprise, and finally controls the type of person. Whether or not to list overseas to examine the impact of corporate characteristics on directors' liability insurance demand; Then, the paper discusses whether the investment level of directors' liability insurance has changed significantly. The empirical results show that the size and overseas background of enterprises have a significant positive correlation with the demand of directors' liability insurance. The characteristics of corporate profitability and management ownership are negatively correlated with the demand for directors' liability insurance. The empirical results are consistent with our expectations. At the same time, the research results of directors' liability insurance on the investment level of enterprises show that the investment level of directors' liability insurance has not changed significantly, which supports our hypothesis. At the same time, to some extent, the director's liability insurance in our country is just a mere formality, and does not play its due role. The main contributions of this paper are as follows: under the special social background, such as the relative concentration of stock right of Chinese enterprises, the dominance of state-owned equity, the imperfect legal system, and so on, the characteristics of enterprises are studied. The relationship between director liability insurance and investment policy not only tests the demand and applicability of foreign developed directors liability insurance in China. It also reveals the status quo of directors' liability insurance in China, which is helpful to us to improve the relevant legislation of directors' liability insurance and to establish as mature and complete director liability insurance system as foreign countries. Promoting director liability insurance plays an important role in the healthy development of our country.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F224;F832.48

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