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本文综合行为金融、公司治理和公司金融理论构建科技保险参保意愿影响因素的理论模型,并基于浙江省635家高新技术企业的问卷调查数据进行实证检验。结论表明:第一,管理层风险偏好和管理层风险认知对高新技术企业科技保险参保意愿具有显著影响:风险喜好型管理者更倾向于采取风险自担策略,抑制科技保险需求;而较高的风险认知则有助于提升企业购买科技保险的意愿。第二,良好的董事会治理有助于提升企业风险管理,独立董事占比越高,企业购买科技保险的意愿越强。第三,管理层风险认知在董事会独立性与企业参保意愿之间发挥部分中介作用,这意味着董事会治理可以通过影响管理层风险认知,间接作用于企业的风险管理决策。
Based on behavioral finance, corporate governance and corporate finance theory, this article builds a theoretical model of the factors influencing the willingness to participate in insurance for science and technology insurance and conducts empirical tests based on the questionnaire data of 635 high-tech enterprises in Zhejiang Province. The conclusion shows that: First, the management risk preference and management risk cognition have a significant impact on the willingness of high-tech enterprises to insure insurance: the risk preference managers are more inclined to take the risk-taking strategy to restrain the demand for science and technology insurance; A high level of risk awareness helps to enhance the company’s willingness to purchase technology insurance. Second, good governance of the board of directors helps to improve enterprise risk management. The higher the proportion of independent directors, the stronger the company’s willingness to purchase technology insurance. Thirdly, management risk perception plays a part-mediated role between the independence of the board of directors and the enterprise’s willingness to participate in the insurance. This means that the governance of the board can indirectly influence the enterprise’s risk management decision by affecting the management’s risk perception.