团队

上周在本栏分析自保公司在风险管理、成本控制方面具有优势，但并非所有企业都适合设立自保公司。究竟须具备什么条件，才能实现预期的风险分散目标，而避免对企业构成新风险源？

当今企业在风险管理与保险方面经常遇到两难。一、企业面临的风险愈来愈多和愈发复杂，包括日益频繁的自然灾害、环境责任、网路安全事件和供应链中断，无时不威胁企业的运营和财务稳定性。企业试图购买商业保险加以应对，却面临保费高、保额低、甚至无法投保等诸多限制。二、很多企业投保商业保险，每年缴付高昂保费，但出险率较低，获得赔偿款额有限，现金流受到显著影响。

We study whether legal liability protection helps companies to recruit and retain high-quality independent directors. We conduct difference-in-differences analyses exploiting the 1999 Ninth Circuit Court of Appeals Ruling on the Silicon Graphics case, which substantially raised the bar for filing securities class action (SCA) lawsuits as a shock. We document supporting evidence for the talent attraction hypothesis by showing improvements in newly recruited independent director quality following the ruling, but only for candidates who are previously not exposed to SCA litigation risk. The effects are stronger for firms facing greater litigation risk ex ante or smaller local supplies of director candidates. Results are more evident for experience-based quality dimensions. We also analyze a sample of voluntary independent director departures and find little support for the talent retention hypothesis, suggesting that more complex factors enter into a director’s continuation decision once a director is already exposed to SCA litigation risk. A policy implication is that liability protection can be useful in attracting more unexposed high-quality candidates to the pool of public boards but does little to attract high-quality candidates who are already in the pool of public firms.

We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that, relative to control firms, pilot firms experience an increase in dissenting votes from independent directors, a reduction in tunneling and earnings management activities, and an improvement in merger performance. Independent directors questioned by the quasi-official shareholder in activism events subsequently lose board seats in the director market. Overall, our results shed light on a new mechanism for enhancing the protection of minority shareholders.

A股上市公司逐渐形成现金分红的氛围，相关监管和税务政策亦成为投资者关注的议题。近年，中国证监会发布了多项措施，强化对上市公司现金分红的监管，并推动上市公司提高分红比率，这体现了监管者致力保障个人投资者利益。

A股上市公司逐渐形成现金分红的氛围，相关监管和税务政策亦成为投资者关注的议题。近年，中国证监会发布了多项措施，强化对上市公司现金分红的监管，并推动上市公司提高分红比率，这体现了监管者致力保障个人投资者利益。

在成熟的股票市场，不少上市公司进行现金分红，为投资者带来经常性收益并增强其信心。去年拟进行分红的A股上市公司共有3859家，较前两年增加565家，现金分红总额达2.24万亿元人民币，较前年增加5.16%。这趋势与中国证监会长期以来通过政策引领的努力密不可分。

在成熟的股票市场，不少上市公司进行现金分红，为投资者带来经常性收益并增强其信心。去年拟进行分红的A股上市公司共有3859家，较前两年增加565家，现金分红总额达2.24万亿元人民币，较前年增加5.16%。这趋势与中国证监会长期以来通过政策引领的努力密不可分。

继笔者上周在本栏撰写的〈内地股票发行制度改革跃登新台阶〉，本文将聚焦于全面实行股票发行注册制（以下简称注册制）之后，对内地A股市场和香港股票市场的潜在影响扼要分析如下。