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  • 學位論文

董監事及重要職員保險、公司治理與資本市場之研究

A Study of the Relationship among Director & Officer’s Liability Insurance, Corporate Governance, and Capital Market

指導教授 : 劉政淮

摘要


隨著地雷股的不斷發生,犯罪地區從區域性到國際化,操作手法愈來愈高明專業,影響的層面越來越難以估計,公司治理議題日益受到重視。台灣證劵交易所於2008年12月為加強公司治理資訊揭露,增修了「對有價證券上市公司資訊申報作業辦法」第3條第1項第26款:「上市公司為其董事及監察人投保責任險資訊:應於每營業年度終了後15日內申報去年度投保情形。」,強制規範上市櫃公司揭露對董監事及重要職員投保的資訊。本研究以事件研究方法,針對上市櫃依法公告董事及監察人投保責任險之公告情況,檢測公司治理的程度與資本市場的關聯。實證結果顯示,有投保D&O責任險公司的Tobin’sQ高於未投保公司,公司治理機制也較公開透明;有較集中之投票權高公司的購買責任險意願較低,機構法人持股比率及聘請董立董事席次較高的公司則有較高意願購買D&O責任保險。 本研究為國內首度以公告董事及監察人之投保責任險資料,並參酌公開資訊所作之實證研究,並首次將TCRI信用風險作為公司治理的代理變數進行研究。檢視結果得到一個意外的發現,無論在上市櫃公司或是已下市櫃公司及資訊揭露列為特殊情況公司,未投保D&O責任保險的公司, TCRI信用風險均高於有投保的公司,這是一個公司治理的缺口,值得主管機關規範改善,也值得後續研究者繼續加以探討。

並列摘要


Following the crisis of stock market, crime internationalized, and guilty operations, corporate governance is getting to be an important issue attracting investors’ attention. In order to strengthen corporate governance and the disclosure of information of listed companies, the Commissioner of Stock Exchange in Taiwan revisited the Item 26, Paragraph 1 of Article 3 of the Rule of Information Reporting of Listed Companies with Securities in December 2008:“The Company shall submit the detail of buying liability insurance for the directors and supervisors of the said Company within 15 days after the ending of current fiscal year.” This study is to detect the level of corporate governance and the accessibility of capital market of listed companies according to the status of buying director & officer’s liability insurance reporting to the Commissioner. The results showed that the coefficient of Tobin’s Q of the company with director & officer’s liability insurance was higher than that of the company without insurance. The companies which were more open, more intensive internal control and have transparent governance were less desire to purchase liability insurance. The companies with heavy institutional ownership and with many more number of directors had a higher proportion of buying director & officer’s liability insurance. As a paper, it is the first time to be an empirical study of corporate governance in Taiwan with the data of director & officer’s liability insurance and TCRI credit risk indicators. The results showed a surprising finding, for both of listed companies and off-listed ones which did not purchase director & officers’ liability insurance, their TCRI risk indicators were higher than those with insured companies. this is a corporate governance gap, it should be competent authority to improve can be a topic of follow-up study.

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