本文探討企業避稅與董監事暨重要職員責任保險之關聯性,研究期間及對象為2008至2015年之台灣上市上櫃公司。實證結果顯示,超過半數以上以5年期或3年期衡量之有效稅率與D&O保險呈正向關聯,且至少達統計百分之十以下之顯著水準。該研究結果說明公司購買D&O保險可以提升公司治理效能,以幫助董監事考量企業避稅的負面聲譽以及訴訟風險與成本影響,並能做出較保守的租稅規劃決策。
This study examines the relationship between the corporate tax avoidance and directors’ and officers’ insurance (hereinafter referred to as D&O insurance) for the listed and over-the-counter companies from 2008 to 2015. The empirical results show that more than half of the measured 5-year or 3-year effective tax rate are positively related to the D&O insurance at least at the 10% significance level. This indicates that D&O insurance bought company can enhance corporate governance efficiency which helps the directors, and officers consider the negative reputation and the litigation risk and possible costs from corporate tax avoidance action and make a more conservative tax planning decision.