创新能够增强企业的竞争力，在激烈的市场中通过具有竞争力的产品和服务，满足消费者不断变化的需求，从而获得市场优势。创新受到多方面因素的影响，其中对于短期失败的容忍和对长期成功的激励是至关重要的因素。董责险能够为企业董监高可能面临的因为履职过程中失误而导致的赔偿进行兜底，从而提升了企业对于短期失败的容忍，以此可能促进了创新。本文研究投保董责险对于公司创新的影响，并考察董事会社会资本，管理层薪酬激励、股权集中度、两权分离度和股权性质的调节效用，并选取风险承担渠道与融资约束渠道作为中介变量考察董责险对公司创新促进效果的作用机制。选取2012年至2022年中国沪深A股上市公司作为研究样本，采用发明专利申请量和发明专利创新效率作为衡量企业创新的指标，运用多元回归模型进行实证分析。研究结果显示，董责险对企业创新具有显著的正向激励作用，即购买董责险的公司在专利申请量和专利创新效率上表现更佳。此外，研究还发现董事会社会资本、管理层薪酬激励、股权集中度和两权分离度等调节变量对董责险与企业创新之间的关系具有显著影响。具体来说，董事会社会资本和管理层薪酬激励在董责险对企业创新的正向激励作用中起到负向调节作用，而股权集中度和两权分离度则起到正向调节作用。这一结果表明，不同公司特征下董责险对创新的激励效果存在差异。董责险对非国有企业的创新激励作用更为显著，而在国有企业中这一效应不明显。这可能与国有企业和非国有企业在管理层激励机制、风险承担能力以及外部监督环境等方面的差异有关。进一步的中介效应分析发现，风险承担水平和融资约束在董责险与企业创新之间起到部分中介作用。这意味着董责险通过提高企业的风险承担水平，减少企业的融资约束，间接促进了企业的创新活动。最后基于上述研究结论，本文提出了对相关方的建议，建议保险公司优化董责险相关产品的设计，积极参与到投保公司的监督之中；企业积极投保董责险，健全内控制度，增强风险意识；有关政策部门加强引导，促进行业自律，逐步推动保费保额等更详尽内容的披露。
Innovation can enhance a company‘s competitiveness, allowing it to meet the ever-changing demands of consumers with competitive products and services, thereby gaining a market advantage in a fierce competitive environment. Innovation is influenced by various factors, among which tolerance for short-term failures and incentives for long-term success are crucial. Directors‘ and officers‘ liability insurance (D&O insurance) can underpin the compensation that a company‘s directors, supervisors, and senior executives may face due to mistakes in their duties, thus increasing the company‘s tolerance for short-term failures and promoting innovation.This paper examines the impact of D&O insurance on corporate innovation and investigates the moderating effects of board social capital, managerial compensation incentives, ownership concentration, and the separation of ownership and control rights. It explores the impact of ownership nature heterogeneity by classifying state-owned enterprises (SOEs) and non-SOEs, and selects risk-taking channels and financing constraints as mediating variables to examine the mechanism by which D&O insurance promotes corporate innovation. The study sample includes A-share listed companies on the Shanghai and Shenzhen stock markets from 2012 to 2022, using the number of patent applications and patent innovation efficiency as indicators to measure corporate innovation, and employs a multiple regression model for empirical analysis.The results show that D&O insurance has a significant positive incentive effect on corporate innovation, with companies that purchase D&O insurance performing better in terms of patent applications and innovation efficiency. Furthermore, the study finds that moderating variables such as board social capital, managerial compensation incentives, ownership concentration, and the separation of ownership and control rights significantly affect the relationship between D&O insurance and corporate innovation. Specifically, board social capital and managerial compensation incentives have a negative moderating effect on the positive incentive of D&O insurance on corporate innovation, while ownership concentration and the separation of ownership and control rights have a positive moderating effect. This result indicates that the incentive effect of D&O insurance on innovation varies across companies with different characteristics. Heterogeneity analysis results show that the innovation incentive effect of D&O insurance is more significant for non-SOEs, while it is not evident in SOEs. This may be related to differences in managerial incentive mechanisms, risk-taking capabilities, and external supervision environments between SOEs and non-SOEs. Further mediation effect analysis reveals that risk-taking levels and financing constraints play a partial mediating role between D&O insurance and corporate innovation. This means that D&O insurance indirectly promotes corporate innovation by increasing the company‘s risk-taking level and reducing financing constraints.Based on the above research conclusions, this paper proposes recommendations for relevant parties. It suggests that insurance companies optimize the design of D&O insurance products and actively participate in the supervision of insured companies; companies should actively purchase D&O insurance, improve internal control systems, and enhance risk awareness; relevant policy departments should strengthen guidance to promote industry self-discipline and gradually promote more detailed disclosure of premium and coverage information.
