Taking Chinese A-share listed companies from 2008 to 2020 as samples, this paper uses the audit opinion purchasing model of Lennox to investigate the impact of D&O insurance on audit opinion purchasing behavior from the perspective of firm change.The research shows that D&O insurance has a positive governance effect and inhibits the purchase behavior of audit opinions.From the perspective of the motivation of audit opinion purchase, this governance effect is more significant in the samples with high pressure of executive performance, high operational risk and litigation risk.From the perspective of the realization conditions of audit opinion purchase, this governance effect is more significant in the samples with small firm size, no industry expertise and high client importance levels.Furthermore, the successful purchase of audit opinions damages the quality of future earnings disclosure, and the introduction of D&O insurance can significantly improve the adverse economic consequences caused by the successful purchase of audit opinions.The mechanism inspection found that D&O insurance acts on the purchase of audit opinions through the “information quality channel” and the “agent cost channel”. The conclusion is still stable after controlling potential endogenous problems.