經理人過度自信與董監事責任險對投資效率之影響

公司企業要生存在這個社會中，需要進行許多商業行為，包含了營業活動、投資活動等，雖然營業活動為公司的主要活動，但投資活動的獲利或虧損，可能會影響到公司企業整年的獲利情況，嚴重虧損可能會使公司倒閉。此時公司企業的經理人的重要性就凸顯出來，經理人往往會決定公司的投資標的、投資決策以及投資金額，經理人存在著過度自信的心理因素的話，可能會發生過度投資的行為，使得公司企業虧損，但經理人的心態難以透過面試及測驗來檢測出來，發生投資上的虧損也是很難避免的，投保董監事責任險(D&O)可使董監事或者經理人能夠安心的執行業務，而面對第三方求償時得以降低經濟損失。本研究將探討我國上市櫃企業，經理人在進行投資相關活動時，若經理人有過度自信的特質時，是否會對投資行為產生影響；若加上了投保董監事責任險(D&O 責任險)的變數，又會如何影響投資行為。本結果顯示，經理人具過度自信時，會使公司企業產生過度投資；若公司為董監事及經理人投保董監事責任險，且經理人具過度自信時，將會使公司企業過度投資更加嚴重。

關鍵字

董監事責任險；經理人過度自信；投資行為

並列摘要

In fast-changing environment, companies need to conduct many business activities, including operating activities and investment activities, to survive in the world today. Operating activities are main activities in companies. However, investment activities cannot be ignored because the performance of investment activities may affect companies’ profitability throughout the year as well as serious losses may lead the company to bankrupt. Managers play important roles in companies. Managers often determine companies’ investment decisions. Their overconfidence may affect investment decisions and may lead the company to lose money. It is difficult to detect managers’ overconfidence by interviewing or testing. Investment losses could not be avoided. Therefore, directors and officers liability insurance (D & O) pays an important role in business. D & O insurance can cover losses from claiming by a third party because of directors’ or officers’ negligence. This study explores how managers with overconfidence and D & O liability insurance impact on investment activities in Taiwan. The result shows that managers with overconfidence and positive affect over-investment in the company. Moreover, companies buy D & O insurance for directors and officers and managers may make over-investment more seriously in companies.