ESG表现、董事高管责任保险与企业绩效
ESG, D&O Liability Insurance and Corporate Performance

ESG作为关于环境、社会责任及公司治理的可持续发展理念，与企业落实可持续发展战略高度契合。同时，作为公司治理机制的补充，董事高管责任保险(以下简称“董责险”)对企业高管的风险偏好和决策行为会产生影响，进而调节ESG表现与企业绩效的关系。基于此，本文以2011~2022年中国A股上市企业的ESG表现及财务数据为样本，运用固定效应模型实证检验了ESG表现、董责险与企业绩效的关系。研究结果表明：1) ESG表现能显著提升企业绩效；2) 董责险正向调节ESG表现与企业绩效之间的关系；3) 异质性分析表明，ESG表现对企业绩效的促进作用在非国有企业以及所处行业竞争度较高的企业中表现得更为显著。因此，本文认为企业应将ESG治理纳入战略部署，积极发挥董责险的激励和监督机制；政府应完善相关法规与制度，提高对企业优化ESG治理和投保董责险的政策引导和支持。
ESG, as a sustainable development concept concerning environmental protection, social responsibility and corporate governance, is highly compatible with the implementation of sustainable development strategies by enterprises. Meanwhile, Directors’ and Officers’ Liability Insurance (hereinafter referred to as “D&O Insurance”), as a supplement to the corporate governance mechanism, exerts an influence on the risk preferences and decision-making behaviors of corporate executives, thus regulating the relationship between ESG performance and corporate performance. Based on this, this paper takes the ESG performance and financial data of Chinese A-share listed enterprises from 2011 to 2022 as samples and empirically examines the relationship among ESG performance, D&O insurance and corporate performance by means of the fixed-effects model. The research results indicate that: 1) ESG performance can significantly improve corporate performance; 2) D&O insurance positively moderates the relationship between ESG performance and corporate performance; 3) The heterogeneity analysis shows that the promoting effect of ESG performance on corporate performance is more significant in non-state-owned enterprises and enterprises in industries with a high degree of competition. Therefore, this paper holds that enterprises should incorporate ESG governance into their strategic planning and actively give full play to the incentive and supervision mechanism of D&O insurance. The government should improve relevant laws, regulations and systems, and strengthen the policy guidance and support for enterprises to optimize ESG governance and purchase D&O insurance.