董事高管责任保险与企业商业信用

基于董事高管责任保险的公司治理观和机会主义观，以中国A股上市公司为样本，实证检验董事高管责任保险对企业商业信用的影响。结果显示：企业认购董事高管责任保险有助于提高商业信用的获取水平，支持了董事高管责任保险的公司治理观。进一步研究发现：在内控质量更高以及非国有企业中，董事高管责任保险对企业商业信用的积极影响更明显；当外部政策不确定性更大及金融发展水平越低时，董事高管责任保险对企业获得商业信用的积极作用更强。

The Directors' and Officers' Liability Insurance and Trade Credit

Based on the corporate governance and opportunism concept of directors'' and officers'' liability insurance, this paper taking samples of A-share listed companies from 2003 to 2017, examine the impact of directors'' and officers'' liability insurance on corporate commercial credit. The study found that directors'' and officers'' liability insurance helps to improve the level of access to commercial credit, which support the directors'' and officers'' liability insurance''s corporate governance concept. Further research found that, directors'' and officers'' liability insurance has a more positive impact on corporate commercial credits in higher quality internal control and non-state-owned enterprises; directors'' and officers'' liability insurance help enterprises obtain more commercial credit when external policy uncertainty is greater and financial development level is lower.