《保险研究》20230703-《媒体负面报道如何影响保险公司定价决策？——来自中国董事高管责任保险合约的证据》（李延胤、方明浩、许荣）

［摘   要］如何衡量客户公司的诉讼风险是“董事高管责任保险”(以下简称董责险)定价问题的核心。媒体负面报道揭露的公司财务等问题，可能会引起监管部门的介入调查，导致投资者根据处罚结果进行起诉，进而增加公司的诉讼风险。本文系统收集了2002～2022年间Ａ股上市公司所披露的董责险合约信息，实证研究发现，上市公司媒体负面报道越多，保险公司收取的董责险保费越高。机制分析发现，媒体负面报道发生次数与下一年公司诉讼风险正相关。公司的诉讼历史和行政处罚经历，均会导致更高的董责险保费支出，且这些负面经历与媒体负面报道存在显著的正向交互作用，即存在较多诉讼历史与行政处罚负面经历的情况下，媒体负面报道对董责险保费的影响更大。进一步分析表明，完善的内部治理结构和良好的市场环境有助于降低媒体负面报道对董责险定价的影响。本研究有助于加深对董责险定价机制和媒体报道监督职能的认识，对促进董责险市场的健康发展以及董责险市场功能的提升具有一定参考价值。

［关键词］董责险定价；媒体负面报道；诉讼风险；声誉损失

［基金项目］本文得到中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目(23XNH008)和中国人民大学“中央高校建设世界一流大学(学科)和特色发展引导专项资金” 项目(KYGJD2023001)的资助。

［作者简介］李延胤，中国人民大学财政金融学院博士研究生；方明浩(通讯作者)，上海财经大学金融学院讲师；许荣，中国人民大学财政金融学院暨中国财政金融政策研究中心、保险研究所教授。

How does Negative Media Coverage Affect Insurance Companies′ Pricing Decisions?—Evidences from China′s Directors and Officers Liability Insurance Contracts

LI Yan-yin,FANG Ming-hao,XU Rong

Abstract：How to measure the litigation risks of the client is at the core for pricing the  Directors and Officers  Liability Insurance(D&O Insurance) . Negative media coverage  related to financial issues may give rise to regulatory investigation,and inturn,investor action,thus increasing litigation risks.This article collected information on D&O insurance contracts disclosed by A-share listed companies from 2002 to 2022.The empirical research finds that the more negative media reports a listed company receives,the higher the premiums charged by insurance companies for D&O insurance.Mechanism analysis shows that the negative media coverage is correlated with the next year′s litigation risks of the firm.A company′s litigation history and administrative punishment experience will both lead to higher expenses for D&O insurance premiums.Furthermore,these negative experiences have a significant positive interaction with negative media reports,meaning that the more negative media reports there are,the greater the effect on the increase of D&O insurance premiums under such situations.Further analysis shows that a sound internal governance structure and a good market environment can help reduce the impact of negative media reports on the pricing of D&O insurance.This study helps deepen our understanding of the pricing mechanism of D&O insurance and the supervisory function of media reporting.It has a certain reference value for promoting the healthy development of the D&O insurance market and enhancing its market functions.

Key words：D&O insurance pricing;negative media coverage;litigation risk;Reputation loss