摘要
以2002—2017年的沪深A股上市公司为研究样本,采用PSM方法控制了自选择偏误,对董事高管责任保险、诉讼风险与自愿性信息披露的关系进行了检验。研究发现:上市公司购买董事高管责任保险后自愿性披露水平显著降低,说明诉讼风险对自愿性披露具有正向影响;公司面临的诉讼风险和代理冲突越大,董事高管责任保险对自愿性披露的负向影响就越显著。该结论为中国情境下的诉讼成本假说提供了新的证据,拓展了董事高管责任保险经济后果和治理效应的研究。
Based on the PSM(Propensity Score Matching)method,this paper took A-share listed companies in Shanghai and Shenzhen from 2002 to 2017 as the research sample,and tested the relationship among D&O liability insurance,litigation risk and voluntary information disclosure.It finds that,after the purchase of D&O liability insurance,the voluntary disclosure level of listed companies has decreased significantly,which means litigation risk has a positive effect on voluntary disclosure.Besides,The greater the litigation risk and agency conflict facing by the company is,the more significant the negative impact of D&O liability insurance on voluntary disclosure is.This paper provides new evidence for Litigation Cost Hypothesis in Chinese context,and expands related research on economic consequences and governance effects of D&O liability insurance.
作者
李从刚
许荣
LI Cong-gang;XU Rong(International College,Renmin University of China,Suzhou 215123;School of Finance,Renmin University of China,Beijing 100872,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2019年第11期112-126,共15页
Journal of Shanxi University of Finance and Economics
基金
中国人民大学2017年度拔尖创新人才培育资助计划
关键词
董事高管责任保险
诉讼风险
自愿性信息披露
公司治理
PSM
D&O liability insurance
litigation risk
voluntary information disclosure
corporate governance
PSM
