《保险研究》20240803-《董责险与监管处罚对独立董事履责的影响》（马理、李加主）

［摘   要］独立董事制度是公司治理中的重要组成部分，但建立20多年来，我国独立董事制度并未完全发挥预期作用。本文构建博弈模型，分析董责险与监管处罚对独立董事履责行为的影响机理，并基于2005至2020年上市公司数据进行实证检验。研究发现：监管处罚可以一定程度地敦促独立董事认真履职以降低企业的风险水平，但过高的处罚力度将挫伤独立董事的履责积极性并提高独立董事的辞职率；董责险能够减少独立董事的辞职行为，并且能够提高其履责积极性以降低企业风险。本文的政策启示：实施适当和有度的处罚措施，避免过严的处罚力度对独立董事正常履职产生负面影响；建议进一步推广董责险制度，保障独立董事的合法权益，让独立董事制度发挥更大的作用。

［关键词］独立董事履职；董事高管责任保险；监管处罚；企业风险

［基金项目］国家自科基金面上项目(72073042)。

［作者简介］马理，湖南大学金融与统计学院教授、博士生导师，研究方向：货币银行与金融风险；李加主(通讯作者)，湖南大学金融与统计学院博士研究生，研究方向：公司金融与公司治理。

The Impact of Directors′ Liability Insurance and Regulatory Sanctions on the Performance of Independent Directors′ Responsibilities

MA Li,LI Jia-zhu

Abstract：The independent director system is an important component of corporate governance,but it seems that independent directors in China have not played the expected role since its establishment in China over 20 years ago.Therefore,it is of practical significance to explore the institutional construction of independent directors′ conscientious fulfillment of their responsibilities and promote the healthy development of China′s capital market as a result.This paper constructs a game model,analyzes the mechanism of the influence of administrative penalties and directors′ liability insurance on the performance of independent directors,and conducts an empirical test based on the data of listed companies from 2005 to 2020.The study finds that:administrative penalties can to some extent urge independent directors to work conscientiously and reduce the risk level of the enterprise,but too high penalties will dampen the motivation of independent directors to fulfill their responsibilities and lead to abnormal resignation;director′s liability insurance can reduce independent director′s resignation,and significantly increase the motivation of independent directors to fulfill their responsibilities and reduce the risk of the enterprise.The policy implications are that appropriate and managed administrative penalties should be imposed to avoid the negative impact of excessive penalties on the normal performance of independent directors,and it is recommended to promote the directors′ liability insurance system to protect the legitimate rights and interests of independent directors,so as to enable the independent director system to play a greater role.

Key words：Independent director performance;directors′ and officers′ liability insurance;regulatory penalties;corporate risk