本文研究公司治理機制、功能性委員會與審計品質對公司風險承擔的影響，以1993年至2020年的33家美國壽險公司為樣本，共計468筆資料。實證結果表示，董事會成員平均年齡、獨立董事比例與總風險、權益風險呈顯著正相關。董事會平均任期與權益風險、投資風險呈顯著負相關。設置功能性委員會包含薪酬委員會、提名委員會、執行委員會、風險管理委員會、財務委員會、投資委員會皆與風險呈顯著負相關。其中設置薪酬委員會減少總風險，設置提名委員會減少權益風險，設置執行委員會減少總風險、投資風險、核保風險，設置風險管理委員會減少投資風險，設置財務委員會減少核保風險，設置投資委員會減少投資風險。審計品質部分，審計委員中財務專家之比例、四大會計師事務所與總風險、權益風險、投資風險呈顯著正相關。此外，沙賓法案的實施後相對於實施前對公司治理機制、功能性委員會、審計品質與風險承擔亦有所影響。

This paper studies the impact of corporate governance, functional committees, and auditor quality on risk taking, using a sample of 33 U.S. life insurance companies from 1993 to 2020, with a total of 468 data. The results of this research indicate that board age, independent director percentage on the board are significantly and positively correlated with total risk and equity risk. Board tenure is significantly and negatively correlated with equity risk and investment risk. Functional committees include compensation committee, nomination committee, executive committee, risk management committee, finance committee, and investment committee. All of functional committees are significantly and negatively correlated with risk. The compensation committee has lower total risk. The nomination committee has lower equity risk. The executive committee has lower total risk, investment risk, and underwriting risk. The risk management committee has lower investment risk. The finance committee has lower underwriting risk. The investment committee has lower investment risk. The proportion of financial experts on the audit committee, the Big-4 firms are significantly and positively correlated with total risk, equity risk, investment risk. In addition, the implementation of the Sarbanes-Oxley Act will also have an impact on the corporate governance, functional committees, and audit quality on risk taking compared to before the implementation.

目錄
第一章 緒論	1
第一節	研究背景與動機	1
第二節	研究目的	3
第三節	研究架構	4
第二章 文獻回顧	6
第一節	公司治理機制	6
第二節	功能性委員會	10
第三節	審計品質	12
第三章 研究方法	14
第一節	研究樣本與資料來源	14
第二節	研究方法與研究模型	15
第三節	變數定義	18
第四章 實證結果與分析	25
第一節	敘述性統計分析	25
第二節	相關係數分析	29
第三節	平均數差異檢定	36
第四節	迴歸分析	39
第五章 結論與建議	55
第一節	結論	55
第二節	建議	57
參考文獻	59
圖目錄
圖 1-1研究流程圖	5
表目錄
表 3-1 變數定義	23
表 4-1 樣本敘述性統計分析	27
表 4-2 風險承擔變數為三年標準差之相關係數分析	31
表 4-3 風險承擔變數為五年標準差之相關係數分析	33
表 4-4 變異數膨脹因子檢驗	35
表 4-5 平均數差異檢定	37
表 4-6 設置功能性委員會對公司風險承擔影響之迴歸分析	43
表 4-7 審計品質對公司風險承擔影響之迴歸分析	47
表 4-8 設置功能性委員會與審計品質對公司風險承擔影響之迴歸分析	50
表 4-9 設置功能性委員會與審計品質對公司風險承擔影響之結果	52
表 4-10 假說統計結果	54

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