本研究旨在探討美國產險公司董事會與高階經理人是否合謀操縱賠款準備金。由於董事薪酬與高階經理人薪酬可能存在內生性，本研究同時採用兩階段最小平方法(two-stage least square method, 2SLS)與固定效果模型(fixed-effect model)估計迴歸模型。本研究亦檢視董事與高階經理人誘因薪酬的關係，並探討董事與高階經理人在誘因薪酬下，是否也有合謀操縱賠款準備金之情形。實證結果顯示，董事與高階經理人間的薪酬呈現顯著的正相關；高階經理人薪酬與準備金誤差值亦呈現顯著的正相關。本研究推測，當高階經理人薪酬較低，或者未達激勵薪酬計畫的上限時，會設法提升公司的淨收益，此時高階經理人會低估準備金，以期獲取較高薪酬。此外，本研究發現，受超額董事薪酬影響的高階經理人薪酬與準備金誤差呈現更為顯著的正向關係，此結果再次驗證董事與高階經理人很可能為了薪酬的極大化，而合謀操縱準備金。然而，高階經理人誘因薪酬與準備金誤差則呈現不顯著的正向關係，故誘因薪酬可能減少高階經理人與董事合謀操縱準備金之動機。因此，本研究對於董事會與高階經理人薪酬之相關研究，提出了新的證據。

This thesis aims to investigate whether board members and CEO collude to manipulate loss reserve in U.S. property-casualty insurance industry. Because there may exist an endogeneity problem between CEO compensation and board compensation, this thesis uses both two-stage least square method (2SLS) and fixed-effect model to test regression models.The empirical results show that excess director compensation has a positive relationship with CEO compensation, and CEO compensation also has a significant and positive correlation with reserve error. We speculate that CEOs who receive lower compensation or bonuses that do not reach the cap tend to underestimate current-year loss reserve in order to obtain higher compensation. This thesis also finds that CEO compensation due to director excess compensation has a more significantly positive effect on reserve error than CEO compensation does. This result has proven that directors and CEO are likely to conspire to manipulate loss reserve in order to maximize their compensation. CEO’s incentive compensation is also positively correlated with reserve error but not significant in our result, because incentive compensation may decrease collusion. Therefore, we propose a new evidence for the literature on board and CEO compensation.

第一章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	1
第三節 研究架構	2
第二章 文獻探討	4
第一節 董事會與高階經理人薪酬關聯性	4
第二節 高階經理人與保險公司賠款準備金操縱關聯性	7
第三章 研究方法	11
第一節 研究假說	11
第二節 研究變數與模型設定	12
第三節 資料來源與樣本選取	19
第四章 實證結果分析	24
第一節 敘述性統計	24
第二節 相關分析	28
第三節 平均數差異檢定	31
第四節 實證結果分析	37
第五章 結論與建議	53
第一節 結論	53
第二節 研究限制與建議	54
參考文獻	55
附錄一	60
圖目錄
圖1：研究流程圖	3
圖2：代理理論與忠僕理論的董事及經理人關係	7
表目錄
表3-1：NAIC SCHEDULE P – PART2統計表：2013年度 X公司	13
表3-2：樣本選取過程	21
表3-3：研究期間樣本公司各年度平均ROA、EPS 及資產分布 (依S&P指數占比分類)	22
表3-4：研究變數定義總表	23
表4-1：研究變數之敘述性統計	26
表4-2-1：董事平均薪酬分年度基本統計量	27
表4-2-2：高階經理人薪酬分年度基本統計量	27
表4-3：PEARSON 相關係數	29
表4-4：多元共線性診斷	30
表4-5-1：金融控股與非金融控股產險公司之平均數差異性檢定	33
表4-5-2：S&P大型股與小型股公司之平均數差異性檢定	34
表4-5-3：S&P中型股與非S&P指數公司之平均數差異性檢定	35
表4-5-4：KFS準備金誤差值高估與低估公司之平均數差異性檢定	36
表4-6-1：董事會薪酬之迴歸結果	41
表4-6-2：高階經理人薪酬之迴歸結果	42
表4-6-3：KFS準備金操縱對高階經理人薪酬之迴歸結果	43
表4-6-4：KFS準備金操縱對高階經理人薪酬(受超額董事薪酬影響部分)之迴歸結果	44
表4-7-1：董事會誘因薪酬之迴歸結果	46
表4-7-2：高階經理人誘因薪酬之迴歸結果	47
表4-7-3：KFS準備金操縱對高階經理人誘因薪酬之迴歸結果	48
表4-7-4：KFS準備金操縱對高階經理人誘因薪酬(受超額董事誘因薪酬影響部分)之迴歸結果	49
表4-8-1：公司績效對高階經理人薪酬之迴歸結果	51
表4-8-2：公司績效對高階經理人薪酬(受超額董事薪酬影響部分)之迴歸結果	52

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