董監事責任險與內部控制缺失對信用風險之影響

本研究目的係探討董監事責任險與內部控制缺失之關聯性，以及對信用風險之影響，以臺灣2008年至2015年之上市(櫃)公司為研究樣本，實證結果發現有投保董監事責任險公司，相較於未投保之公司，內部控制缺失發生率較低，支持董監事責任保險具有監督效果。再者，投保董監事責任險對公司信用風險有負向影響，而內部控制缺失發生率愈低，公司的信用風險亦愈低，顯示董監事責任保險與內部控制有效性都能降低公司的信用風險。而且內部控制有效性對信用風險之控管效果強於投保董監責任險之效果。

關鍵字

董監事責任險；內部控制缺失；信用風險； Heckman兩階段

並列摘要

The objective of this study is to examine the impact of directors’ and officers’ (hereafter D&O) liability insurance and internal control weakness (hereafter ICW) and the effects of D&O liability insurance and ICW on credit risk for firms listed in Taiwan from 2008 to 2015. The empirical results show that compare with D&O liability insurance non-purchasers, the incidence of ICW of purchasers tends to be lower than the non-purchasers. The results provide empirical evidence and support the corporate governance monitoring effect of D&O liability insurance. Moreover, firms with D&O liability insurance are negatively related with credit risk and the less the likelihood of ICW, the lower of the corporate credit risk. The empirical evidence demonstrates that D&O liability insurance and effective internal control both could depress corporate credit risk. Furthermore, firms with effective internal control are more likely to demonstrate better control and management effects on corporate credit risk than D&O insurance liability.