Huang Hongyan, Ma Xiaoyan, Wang Li
The 20th National Congress of the Communist Party of China clearly regards the cultivation of "specialized,refined,characteristic and innovative" enterprises as an important element in the construction of a modernized industrial system.However,there is great uncertainty in the transformation of "specialized,refined,characteristic and innovative" enterprises.How to increase the incentive to drive the transformation has become an important consideration in cultivating "specialized,refined,characteristic and innovative" enterprises.From the perspective of risk mitigation,this paper explores the impact of directors and officers' liability insurance on the transformation of "specialized,refined,characteristic and innovative" enterprises.It is found that the risk mitigation after the purchase of directors and officers' liability insurance can promote the transformation of "specialized,refined,characteristic and innovative" enterprises.This effect is more pronounced in small enterprises and highly competitive industries.This paper deepens the operation effect of the directors and supervisors' liability insurance system in China,and provides relevant suggestions for cultivating "specialized,refined,characteristic and innovative" enterprises.