本研究主要在探討2008年到2014年台灣上市櫃公司董監事(Directors’and Officers’; 以下簡稱D&O)責任險與企業財務報表重編及財務風險間之關聯性。在D&O責任險與企業財務報表重編之關聯性方面,本研究利用相同產業、樣本年度及相似的公司規模並採一比二的方法作為配對基礎來配對財務報表重編的樣本。實證結果發現,D&O責任險與企業財務報表重編之間並無顯著正相關。至於D&O責任險與財務風險關聯性的部分,本研究使用Heckman (1979)兩階段迴歸分析法以調整企業投保D&O責任險可能發生的樣本選擇性偏誤的問題。實證結果發現,相較於未投保D&O責任險的公司,投保D&O責任險的公司,其面臨的企業財務風險較高;此外,當D&O責任險投保的保額愈高時,公司所面臨的財務風險也愈高。綜合言之,本研究結果支持董監事責任險使企業管理階層存在著道德風險的機會主義,並進而導致企業面臨較高的財務風險。
The purpose of this article is to investigate the relationships between Directors’ and Officers’ (hereafter D&O) liability insurance and corporate financial restatements and risk for firms listed in Taiwan for the period from 2008 to 2014. This study forms one-to-two matched-pairs by matching each firm that disclosures a financial restatement (restatement firm) with a firm that does not (non-restatement firm) based on industry, time, and size to examine the effect of D&O insurance on corporate financial restatements. The results show that D&O insurance coefficients are all positive but not significant and do not provide evidence in support of the hypothesis. As to the impact of D&O insurance on corporate financial risk, this study conducts the two-stage estimation approach in Heckman (1979) to mitigate the sample selection-bias problems. The empirical evidence demonstrates that D&O liability insurance purchasers are more likely to face more financial risk than non-purchasers. Further, the empirical evidence reveals a significantly positive association between the D&O liability insurance limits and financial risk and provides evidence in support of the managerial opportunism argument and implies that a firm may raise the financial risk by purchasing D&O insurance.