我國引入董監事暨重要職員(簡稱D&O)責任保險期間尚不長,加上早期投保資料取得困難,因此有關D&O責任保險相關研究並不多,自2008年,政府要求上市、櫃公司需於公開資訊觀測站揭露投保資訊,使企業投保資訊可於公開資訊觀測站中自由取得,樣本數量大幅增加,有利後續相關研究分析。 本研究以國內上市、櫃公司2011年至2012年間投保D&O責任保險資訊與未來盈餘反應係數之關連性進行探討,通過 Heckman 二階段迴歸模型控制內生性問題,再依據 Lundholm and Myers (2002)的未來盈餘反應係數實證模型進行實證,研究結果具有正向顯著關連,表示公司投保 D&O 責任保險可以幫助投資人預測未來盈餘,並將未來盈餘資訊反應在當期股價報酬上,支持研究假說。
It is a short period of time that we, Taiwan, introduced Directors’ and Officers’ (D&O) Liability Insurance. Besides, it is difficult to get early insurance data. There-fore, the D&O liability insurance related research is not much. Taiwan government, since 2008, asked Listed and OTC Companies expose the corporate insurance infor-mation at Market Observation Post System ( MOPS). Moreover, it is free to get corporate insurance information from MOPS. It is benefit for research and analysis by tremendous increase number of sample. This paper probed into the relationships between the D&O Liability Insurance in-formation and the future earnings response coefficient of the domestic listed and OTC companies from 2011 to 2012. The method used the Heckman’s two-stage regression model about endogeneity problem and then test and verify the future earnings response coefficient according of Lundholm and Myers(2002). It shows that the results are positively correlated and the liability insurance of the supervisor of the company can help the investors to forecast the future surplus and reflect the future earnings information in the current sotck price compensation to support the research hypothesis.