董監事與重要職員責任保險需求及投保金額之決定因素

Determinants of Demand for Directors’ and Officers’ Liability Insurance and Insurance Amount

李建然(Jan-Zan Lee) ； 廖秀梅(Hsiu-Mei Liao) ； 韓愷時(Kai-Shih Han)

《風險管理學報》 17卷2期 (2015/12) Pp. 93-117

摘要

本文以2008年至2014年為研究期間，探討我國上市(櫃)公司對D&O責任保險需求及投保金額之決定因素。實證結果發現影響我國上市(櫃)公司對D&O責任保險需求的因素與訴訟風險、董事會組成特徵及股權結構等構面有關。此外，本文進一步發現投保D&O保險金額與市價淨值比、負債比率、經營虧損、發行海外存託憑證及公司債、獨立董監事比例與機構投資人持股比例呈顯著正相關，而與公司規模呈顯著負相關。

關鍵字

董監事與重要職員責任保險 ； 訴訟風險 ； 董事會組成特徵 ； 股權結構

並列摘要

Using Taiwan's listed companies from 2008 to 2014 as a sample, this study explores the determinants of decisions on purchasing directors' and officers' liability insurance (D&O insurance hereafter) and D&O insurance amount. The empirical results show that the determinants of listed companies' demand for D&O insurance are related to litigation risk, board composition and ownership structurer factors. In addition, further evidence shows that D&O insurance amount is positively correlated with market to book value, debts ratios, incurred loss, issuance of global depository receipts and Euro-convertible bonds, ratios of independent directors and supervisors, ratios of institutional investors, but is negatively correlated with firm size.

並列關鍵字

directors' and officers' liability insurance ； risk of litigation ； board composition ； ownership structure

參考文獻

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