淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-2906202023522100
中文論文名稱 董監事暨重要職員責任保險是否會影響投資效率?
英文論文名稱 Does Directors’ and Officers’ Liability Insurance Affect Investment Efficiency?
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 108
學期 2
出版年 109
研究生中文姓名 李堉綸
研究生英文姓名 Yu-Lun Li
學號 606600384
學位類別 碩士
語文別 中文
口試日期 2020-06-18
論文頁數 43頁
口試委員 指導教授-張雅淇
委員-徐志順
委員-張允文
中文關鍵字 董監事責任險  超額投保金額  投資效率 
英文關鍵字 Directors’ liability insurance  Excess insurance coverage  Investment Efficiency 
學科別分類
中文摘要 由於國內外會計弊案頻傳,公司治理議題漸漸受各方的關注,而近年來企業邁向國際化發展以及投資大眾求償意識抬頭,國內董監事與管理當局所面對的潛在訴訟風險比過去以往而言,相對增加許多,我國證券主管機關為了落實公司治理及保護投資大眾的權益,以創造友善投資環境及提升資本市場國際競爭力,因此制定上市上櫃公司治理實務守則要求企業投保D&O保險及積極宣導公司治理的重要性,以維護董監事、經理人及投資人的權益。然而以往過去對於董監事暨重要職員責任保險(D&O保險)之研究都著重在企業之需求或發展。但D&O保險有可能影響執行公司治理的效果,亦會改變管理當局的法律責任。本文主要針對2013年至2018年台灣上市櫃企業進行分析,除了探討董監事暨重要職員責任保險是否會影響投資效率之外,並進一步討論有投保之企業,投保超額保險金額是否會對投資效率產生影響。實證結果顯示,有投保D&O保險之企業相較於未投保之企業能夠透過公司治理對投資效率產生負向影響,本文結果支持企業投保D&O保險使得管理當局能夠規避其法律責任及相關風險,反而提供機會及誘因,產生道德風險而從事投機行為,以致投資效率較為不佳。其隱含管理當局在決定投資決策時,而會將投保D&O保險納入整體決策之中。
英文摘要 Due to the frequent accounting fraud cases at home and abroad, corporate governance issues have gradually attracted the attention of all parties. In recent years, companies have moved towards international development and the public’s awareness of investment claims has risen. The potential litigation risks faced by domestic directors and supervisors and management authorities are more In terms of relative increase, in order to implement corporate governance and protect the rights and interests of the investment public, in order to create a friendly investment environment and enhance the international competitiveness of the capital market, China’s securities regulatory authority has formulated a code of practice for listed corporate oversight that requires companies to insure D&O insurance and Actively promote the importance of corporate governance to protect the rights of directors, supervisors, managers and investors. However, the past research on directors and supervisors and important staff liability insurance (D&O insurance) has focused on the needs or development of enterprises. However, D&O insurance may affect the effectiveness of the implementation of corporate governance and will also change the legal responsibility of the management authority. This article mainly analyzes Taiwan's listed counter companies from 2013 to 2018. In addition to discussing whether directors and supervisors and important staff liability insurance will affect investment efficiency, and further discusses the insured companies, whether the amount of insurance insured will affect investment efficiency. influences. Empirical results show that companies with insured D&O insurance can have a negative impact on investment efficiency through corporate governance compared to uninsured companies. The results of this paper support that companies with D&O insurance enable management to avoid their legal responsibilities and related risks, but instead provide Opportunities and incentives generate moral hazards and engage in speculative behavior, resulting in poor investment efficiency. Its implied management will include insured D&O insurance in the overall decision when making investment decisions.
論文目次 目 錄
第壹章 緒 論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第貳章 文獻探討與假說建立 4
第一節 董監事暨重要職員責任保險相關文獻 4
第二節 投資效率 9
第三節 建立假說 11
第參章 研究方法 14
第一節 樣本選取與資料來源 14
第二節 研究變數 16
第肆章 實證結果 23
第一節 敘述性統計 23
第二節 相關係數分析 25
第三節 投保D&O保險對投資效率之迴歸結果分析 27
第四節 超額投保金額對投資效率之迴歸結果分析 30
第五節 穩健性測試 32
第伍章 研究結論與限制 34
第一節 研究結論 34
第二節 研究貢獻 35
第三節 研究限制與未來研究建議 36
參考文獻 37

表目錄
表1樣本篩選過程 14
表2樣本之投保分布表 15
表3樣本之產業分布表 15
表4全部樣本敘述性統計 23
表5單變量分析 24
表6 Pearson相關係數表 26
表7投保D&O保險對投資效率之迴歸分析 28
表7投保D&O保險對投資效率之迴歸分析(續) 29
表8超額投保金額對投資效率之兩階段分析 31
表9 D&O保險與投資效率之穩健性分析 32
表10超額投保金額與投資效率之穩健性分析 33
參考文獻 中文部分
曲欣鵬,2011,董監事暨重要職員責任保險需求之研究-台灣上市公司的實證,真理大學企業管理學系碩士班碩士論文。
江淳芳、王俞媗,2018,工具變數法在經濟學與會計學的應用,會計審計論叢,第8卷第1期,頁15-28。
林鳳麗、廖育旻,2010,台灣上市公司自由現金流量與營收成長是否影響公司績效? 縱橫門檻迴歸模型之運用,會計與公司治理,第7卷第1期,頁1-29。
張元、陳虹羽,2015,董監事責任險公司信用評分,兩岸金融季刊,第3卷第3期,頁73-112。
陳威榮、黃健柏,2009,以董監事責任保險探討公司董監事治理的責任,育達科大學報,第21期,頁43-65。
陳美姝、王淑芬,2002,公司治理與董事及重要職員責任保險關係之研究,國立交通大學管理科學學程未出版碩士論文。
陳彩稚、龐嘉慧,2008,董監事暨重要職員責任保險之需求因素分析,臺大管理論叢,第18卷第2期,頁171-195。
湯麗芬、廖秀梅、李建然,2014,董監事暨重要職員責任保險對管理階層盈餘管理行為之影響,經濟論文,第42卷第3期,頁331-368。
湯麗芬、廖秀梅、李建然,2015,董監事暨重要職員責任保險與財務報表重編之關聯性,經濟論文叢刊,第43卷第4期,頁549–588。
詹素嬌、蘇淑慧、劉政淮,2014,投保董監事責任險與保險金額於審計公費之影響,會計審計論叢,第4卷第1期,頁25-51。
廖秀梅、湯麗芬、李建然,2016,董監事暨重要職員責任保險與盈餘穩健性,會計評論,第63期,頁109-150。
廖秀梅、湯麗芬、李建然,2017,董監事暨重要職員責任保險對企業信用評等之影響,臺大管理論叢,第27卷第4期,頁75-104。
劉若蘭、劉政淮、簡溥銘,2015,董監事暨重要職員責任保險與資訊揭露品質及企業舞弊關係之研究,中華會計學刊,第11卷第1期,頁79-114。

英文部分
Alchian, A. A., and Demsetz, H. 1972. “Production, Information Costs, and Economic Organization. ” The American Economic Review, 62(5), 777-795.
Arslan, O., and Perspectives, M. 2008. “Overinvestment and investment inefficiency: A study on UK firms. ” Journal of Economic and Management Perspectives, 2(3), 134.
Baker, T., and Griffith, S. J. 2007. “The missing monitor in corporate governance: Thedirectors’ and officers’ liability insurer.” Georgetown Law Journal, 95(6), 1795-1842.
Benesty, J., Chen, J., Huang, Y., and Cohen, I. 2009. “Pearson correlation coefficient. In Noise reduction in speech processing (pp. 1-4).” Springer, Berlin, Heidelberg.
Benlemlih, M., and Bitar, M. 2018. “Corporate social responsibility and investment efficiency. ” Journal of Business Ethics,148(3), 647-671.
Biddle, G. C., Hilary, G., and Verdi, R. S. 2009. “How does financial reporting quality relate to investment efficiency? ” Journal of accounting and economics, 48(2-3), 112-131.
Boyer, M. 2004. “Is the Demand for Corporate Insurance a Habit? Evidence of Organizational Inertia from Directors' and Officers' Insurance.” CIRANO Working Papers, available from URL:http://cirano.qc.ca/pdf/publication/2004s-33.pdf.
Boyer, M. M., and Delvaux-Derome, M. 2002. “The demand for directors' and officers' insurance in Canada.” CIRANO, No. 2002s-72
Brennan, N., and McDermott, M. 2004. “Alternative perspectives on independence of directors.” Corporate Governance: An International Review, 12(3), 325-336.
Brickley, J. A., Lease, R. C., and Smith Jr, C. W. 1988. “Ownership structure and voting on antitakeover amendments.” Journal of financial economics, 20, 267-291.
Chalmers, J., Dann, L., and Harford, J. 2002. “Managerial Opportunism? Evidence From Directors’ and Officers’ Insurance Purchases.” Journal of Finance, 57, 609-636.
Chan, C., and Chen, C. 2014. “Does the protection of directors’ liability insurance lead to overinvestment.” Journal of Financial Studies, 22(1), 61-80.
Chang, C. C., and Chen, C. W. 2018. “Directors’ and officers’ liability insurance and the trade-off between real and accrual-based earnings management.” Asia-Pacific Journal of Accounting and Economics, 25(1-2), 199-217.
Chen, S., Sun, Z., Tang, S., and Wu, D. 2011. “Government intervention and investment efficiency: Evidence from China.” Journal of Corporate Finance,17(2), 259-271.
Chen, Z., Li, O., and Zou, H. 2016. “Directors׳ and officers׳ liability insurance and the cost of equity.” Journal of Accounting and Economics. 61(1), 100-120.
Chung, H. H., and Wynn, J. P. 2008. “Managerial legal liability coverage and earnings conservatism.” Journal of Accounting and Economics, 46(1), 135-153.
Cohen, J., Cohen, P., West, S., and Aiken, L. 2003. “Applied Multiple Regression/Correlation Analysis for the Behavioral Sciences (3rd ed.).” Hillsdale, NJ:Lawrence Erlbaum.
Core, J. E. 1997. “On the corporate demand for directors' and officers' insurance.” Journal of Risk and Insurance, 63-87.
Core, J. E., Holthausen, R. W., and Larcker, D. F. 1999. “Corporate governance, chief executive officer compensation, and firm performance.” Journal of financial economics, 51(3), 371-406.
Daily, C. M., and Dalton, D. R. 1994. “Bankruptcy and corporate governance: The impact of board composition and structure.” Academy of Management journal, 37(6), 1603-1617.
Dechow, P. M., and Sloan, R. G. 1991. “Executive incentives and the horizon problem: An empirical investigation.” Journal of Accounting and Economics, 14(1), 51-89.
Eisenberg, T., Sundgren, S., and Wells, M. T. 1998. “Larger board size and decreasing firm value in small firms.” Journal of financial economics, 48(1), 35-54.
Fama, E., and MacBeth, J. D. 1973. “Risk return and equilibrium: Empirical tests.” The Journal of Political Economy, 81(3), 607-636.
Faulkender, M. and petersen, M. 2003. “Does the source of capital affect capital structure? “Working paper series, Washington University, St. Louis-John M. Olin School of Business and Northwestern University –Kellogg School of Management.
Gomez-Mejia, L. R., Larraza-Kintana, M., and Makri, M. 2003. “The determinants of executive compensation in family-controlled public corporations.” Academy of management journal, 46(2), 226-237.
Gordon, M. J. 1963. “Optimal Investment and Financing Policy.” Journal of Finance, 1518(2), 264-272.
Grullon, G., Michaely, R., and Swaminathan, B. 2002. “Are dividend changes a sign of firm maturity?.” The journal of Business, 75(3), 387-424.
Hausman, A. 1978. “Specification tests in econometrics. Econometrica:” Journal of the econometric society, 1251-1271.
Heckman, J. 1979. “Sample Selection Bias as a Specification Error,” Econometrica, 47(1), 153–161.
Holderness, C. G. 1990. “Liability insurers as corporate monitors.” International Review of Law and Economics, 10(2), 115-129.
Hu, A., and Kumar, P. 2004. “Managerial entrenchment and payout policy.” Journal of Financial and Quantitative Analysis, 39(4), 759-790.
Hwang, J. H., and Kim, B. 2018. “Directors’ and officers’ liability insurance and firm value.” Journal of Risk and Insurance, 85(2), 447-482.
Jensen, M. and Ruback, R., 1983. “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics, 11, 5-50.
Jensen, M. C. 1986. “Agency costs of free cash flow, corporate finance, and takeovers.”American Economic Review, 76 (2): 323-329.
Jensen, M. C. 1993. “The modern industrial revolution, exit, and the failure of internal control systems.” the Journal of Finance, 48(3), 831-880.
Jensen, M. C., and Meckling, W. H. 1976, “Theory of the firm: Managerial behavior, agency costs and ownership structure.” Journal of Financial Economics, 3(4), 305-360.
Lin, C., Officer, M. S., and Zou, H. 2011. “Directors' and officers' liability insurance and acquisition outcomes.” Journal of Financial Economics, 102(3), 507-525.
Mansfield, E. A. 1968. “Industrial Research and Tecchnological Innovation; an econometric analysis.” New York: Norten.
McNichols, M., and Stubben, S. 2008. “Does earnings management affect firms’investment decisions?.” The Accounting Review, 83 (6): 1571-1603.
Mizruchi, M. S. 1983. “Who controls whom? An examination of the relation between management and boards of directors in large American corporations.” Academy of management Review, 8(3), 426-435.
Myers, S. C. 1974. “Interaction of corporate financing and investment decision implications for capital budgeting.” The Journal of Finance, 1-25.
Myers, S. C. 1977. “Determinants of corporate borrowing.” Journal of Financial Economics, 5(2), 147-175.
Myers, S. C., and Majluf, N. S. 1984. “Corporate financing and investment decisions when firms have information that investors do not have.” Journal of Financial Economics, 13(2), 187-221.
O’Sullivan, N. 2002. “The demand for directors’ and officers’ insurance by large UK companies.” European Management Journal, 20(5), 574-583.
O'Sullivan, N. 1997. “Insuring the agents: The role of directors' and officers' insurance in corporate governance.” Journal of Risk and Insurance, 64, 545-556.
Pound, J. 1988. “Proxy contests and the efficiency of shareholder oversight.” Journal of financial economics, 20, 237-265.
Shleifer, A., and Vishny, R. W. 1986. “Large shareholders and corporate control.” Journal of political economy, 94(3), 461-488.
Smith, C. W., and Warner, J. B. 1979. “On financial contracting: An analysis of bond covenants.” Journal of Financial Economics, 7(2), 117-161.
Verdi, R. S. 2006. “Financial reporting quality and investment efficiency.” Available at SSRN 930922.
White, H. 1980. “A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity.” Econometrica, 48 (4), 817-838.
Wynn, J. P. 2008. “Legal Liability Coverage and Voluntary Disclosure.” The Accounting Review, 83(6), 1639-1669.
Yermack, D. 1996. “Higher market valuation of companies with a small board of directors.” Journal of financial economics, 40(2), 185-211.
Zahra, S. A., and Pearce, J. A. 1989. “Boards of directors and corporate financial performance: A review and integrative model.” Journal of management, 15(2), 291-334.
Zeng, T. 2017. “Directors’ and Officers’ Liability Insurance and Aggressive Tax‐Reporting Activities: Evidence from Canada.” Accounting Perspectives, 16(4), 345-369.
Zou, H., Wong, S., Shum, C., Xiong, J., and Yan, J. 2008. “Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance: Evidence from China.” Journal of Banking and Finance, 32(12), 2636-2645.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2020-07-13公開。
  • 同意授權瀏覽/列印電子全文服務,於2020-07-13起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2486 或 來信