河南师范大学学报(哲学社会科学版)

董事高管责任险是一种重要的公司治理机制，旨在帮助决策者规避部分履职风险，提升其参与公司治理的积极性，从而有利于企业决策科学化水平的提升。本文基于2008-2020年我国沪深A股上市公司的相关数据，实证考察了董责险、独立董事履职水平与企业多元化战略三者之间的关系及影响机制。研究结果表明，企业购买董责险有助于促进其多元化战略的实施，提高企业多元化水平。同时，企业购买董责险还能提升独立董事履职水平，而独立董事履职水平在企业购买董责险进而提升企业多元化战略水平的进程中发挥了中介效应。因此，应促进董责险在国内的推广，适当鼓励相关企业购买董责险；完善独立董事选用、激励和约束机制，以保证独立董事的独立性，提高其履职的积极性和有效性。同时，企业要完善治理结构，发挥独立董事的重要作用，加强内外部监管，建立健全相关法律制度，从而促进社会经济的不断发展。

Director and executive liability insurance is an important governance mechanism of a company, aimed at helping decision-makers avoid partial performance risks, enhancing their enthusiasm for participating in corporate governance, and thus promoting the scientific level of enterprise decision-making. In view of this, this article empirically examines the relationship and impact mechanism between director liability insurance, independent director performance level, and corporate diversification strategy based on relevant data of A-share listed companies in China from 2008 to 2020. The research results indicate that purchasing director's liability insurance can promote the implementation of a company's diversification strategy and improve its level of diversification. At the same time, purchasing director's liability insurance can also enhance the performance level of independent directors, and the performance level of independent directors plays a mediating effect in the process of purchasing director's liability insurance and improving the company's diversification strategy level. Therefore, it is necessary to promote the promotion of director's liability insurance in China and appropriately encourage relevant enterprises to purchase director's liability insurance. Improve the selection, incentive, and constraint mechanisms for independent directors, ensure their independence, and enhance their enthusiasm and effectiveness in fulfilling their duties. At the same time, enterprises should improve their governance structure, play the important role of independent directors, strengthen internal and external supervision, establish and improve relevant legal systems, and thus promote the continuous development of the social economy.