Variable Selection.

Digital transformation offers opportunities for innovative growth while also introducing emerging risks of misconduct in the insurance industry. This study examines the impact of digital transformation on insurers’ misconduct, focusing on 72 Chinese insurers from 2010 to 2021. Through text analysis, we quantify insurers’ digital transformation and misconduct. The results indicate that digital transformation tends to increase misconduct, particularly among property insurers and those with joint or foreign ownership. The issuance of digital policy and the adoption of technologies that exceed managerial capacity exacerbate misconduct. Digital transformation drives misconduct through the channels of market expansion and financial pressure. Furthermore, insurers with larger market shares, lower commissions, and operational costs are more prone to misconduct during their digital transformation. Conversely, higher insurance density, market penetration, premium income growth, and lower economic uncertainty help mitigate misconduct.

数字化转型（Digital Transformation）既为保险业带来了创新增长的机遇，同时也催生了违规行为（misconduct）的新型风险。本研究以2010至2021年间的72家中国保险公司为研究样本，考察数字化转型对保险公司违规行为的影响。研究通过文本分析方法，对保险公司的数字化转型水平与违规行为程度进行量化测度。结果显示，数字化转型往往会加剧保险公司的违规行为，这一现象在财产保险公司（property insurers）以及合资、外资持股的保险公司中尤为显著。出台数字化政策以及采用超出自身管理能力的技术，会进一步加剧违规行为。数字化转型主要通过市场扩张与财务压力两条作用路径，推动保险公司产生违规行为。此外，在数字化转型进程中，市场份额更高、佣金率与运营成本更低的保险公司更易发生违规行为。与之相反，更高的保险密度（insurance density）、市场渗透率（market penetration）、保费收入增速以及更低的经济不确定性，则有助于抑制违规行为的发生。