Directors' Liability Insurance And Enterprise Innovation

In recent years,innovation has gradually become the core of the overall national economic development in our country.Searching for the driving force of innovation has been a focus of the issue of social and economic development.In this paper,we take the liability insurance of directors and senior executives as the starting point,take the 2009-2016 Shanghai and Shenzhen A-share listed companies as a sample,and through the multi-level comparative analysis,the paper examines the impact of the liability insurance on corporate innovation activities.And further examines the influence of factors such as industry,property rights structure on the relationship between the two,so as to further explore the role and significance of Directors and Officers Liability Insurance in enterprise innovation.At the same time,this paper also used PSM,Heckman,placebo test and other models to verify,to ensure the robustness of the results of this article.The results show that the companies that bought Directors and Officers Liability Insurance have higher innovation output.After subdividing the different patent types,it is found that the enterprises that purchased Directors and Officers Liability Insurance have higher invention patent output,and have no obvious effect on non-invention patents.A further study on the nature of property rights and the industries in which the enterprises belong shows that in the private enterprises,the enterprises that purchased Directors and Officers Liability Insurance have higher innovative output but not significant among state-owned enterprises;in high-tech enterprises,Dong-owned insurance companies have higher output of innovation,while in non-high-tech enterprises is not significant.After PSM,Heckman,and placebo tests,the results in this paper are still robust.The conclusion of this article is of particular importance in our current context of "mass entrepreneurship and innovation" as a strategy.This article argues from a new perspective that the special meaning of director liability insurance for directors in enterprise innovation is the enrichment and supplement to the research of enterprise innovation.At the same time,the conclusion of this article also provides a clearer reference for the company's decision-making department to formulate its development strategy.