关键词: 董责险, 股价崩盘风险, 企业社会责任, 信息披露质量

Abstract: The Company Law of the P. R. C(2023 version) promotes the rapid development of the directors’ and officers’ liability insurance (D&O insurance) market by strengthening the regulatory synergy between the D&O liability system and the Securities Law of the P.R.C.—an institutional innovation which is of great value to prevent systemic financial risks. Based on a panel dataset of A-share companies listed on Shanghai and Shenzhen Stock Exchanges during 2012-2024, this paper empirically investigates the effect of D&O insurance on the risk of stock price crashes. It finds that listed companies’ acquisition of D&O insurance significantly mitigates stock price crash risk. Mechanism analysis reveals that D&O insurance reduces stock price crash risk by enhancing listed companies’ willingness to fulfill corporate social responsibility and improving information disclosure quality. Further research finds that the mitigating effect of D&O insurance on the risk of stock price crash is more prominent when the senior executives have financial background, the legal environment of the registration place is not perfect, and the company is a state-owned enterprises. To prevent systemic financial risks and improve business operating conditions, insured listed companies should fully recognize the important role of D&O insurance in corporate governance and actively enhance their governance standards; insurance companies should improve the product development of D&O insurance and promote its widespread application; regulatory authorities should provide incentives and guidance for listed companies to purchase D&O insurance and strengthen policy support.

Key words: D&O insurance, stock price crash risk, corporate social responsibility, quality of information disclosure