《保险研究》20240503-《慈善捐赠受到正式保险合约影响吗？——基于风险管理动机的研究》（李从刚、许荣、李东旭、周文川）

［摘   要］尽管公司基于风险管理动机开展慈善捐赠得到已有文献和现实案例的支持，但慈善捐赠的具体决策过程特别是与其他风险管理工具之间的互动机制尚未得到充分研究。本文基于全面风险管理理论，将慈善捐赠与正式保险合约-董事高管责任保险(以下简称董责险)联系起来，考察企业如何在这两类风险管理机制之间统筹安排。基于2003—2020年A股上市公司数据，采用倾向得分匹配法控制自选择偏差，研究发现：第一，购买董责险的公司慈善捐赠水平显著更低，即董责险对慈善捐赠存在替代效应；第二，当诉讼风险更高或者在重污染行业，由于此时慈善捐赠的风险管理动机更强，因而董责险对慈善捐赠的替代效应更加显著。而慈善捐赠的“政治献金”和“信号发送”等“非保险”动机会弱化董责险对慈善捐赠的替代效应；第三，董责险与慈善捐赠还存在促进公司价值提升上的替代效应，进一步印证了公司进行风险管理决策时对董责险和慈善捐赠进行权衡替代，并最终提升企业价值的理论假说。本文对打开风险管理动机下慈善捐赠决策过程的黑箱，理解企业如何在风险管理实践中从战略角度进行企业社会责任规划具有现实意义。

［关键词］董事高管责任保险；慈善捐赠；替代效应；全面风险管理

［基金项目］国家自然科学基金青年项目(72304203)。

［作者简介］李从刚，经济学博士，副教授，上海立信会计金融学院会计学院；许荣(通讯作者)，经济学博士，教授，中国人民大学财政金融学院及中国财政金融政策研究中心；李东旭，金融学博士，助理教授，厦门大学经济学院、王亚南经济研究院；周文川，武汉大学董辅礽经济社会发展研究院博士生。

Is Charitable Giving Affected by Formal Insurance Contracts?—A study based on risk management motivations

LI Cong-gang,XU Rong,LI Dong-xu,ZHOU Wen-chuan

Abstract：Although corporate philanthropic giving based on risk management motives is supported by existing literature and real-life cases,the specific decision-making process of philanthropic giving,especially the interaction mechanism with other risk management instruments,has not been sufficiently studied.Based on the theory of comprehensive risk management,this paper innovatively links charitable giving with formal insurance contracts (directors and officers liability insurance,hereinafter referred to as D&O insurance),and examines how firms coordinate between these two types of risk management mechanisms.Based on the data of A-share listed companies from 2003 to 2020,and using the propensity score matching method to control the self-selection bias,the study finds that: (1) the level of charitable giving is significantly lower in companies that purchase D&O insurance,i.e.,there is a substitution effect of D&O insurance on charitable giving;(2) when the risk of lawsuits is higher or the enterprise is involved in the heavy polluting industry,as the risk management motivation of charitable giving is stronger in such cases,the substitution effect of D&O insurance on charitable donations is more significant.The "non-insurance" motives of charitable donations such as "political contributions" and "signaling" will weaken the substitution effect of D&O insurance on charitable donations;(3) there is also a substitution effect between D&O insurance and charitable donations on the enhancement of corporate value,which further supports the theoretical hypothesis that the trade-off between D&O insurance and charitable donations in firms′ risk management decisions can ultimately contribute to the enhancement of firm value.This paper helps to open the black box of charitable giving decision-making process under risk management motivation,which is of great practical significance for understanding how companies strategically plan for CSR in risk management practice.

Key words：directors and officers liability insurance;charitable giving;substitution effect;enterprise risk management