董監事暨重要職員責任保險之需求因素分析

An Analysis of Determinants of the Corporate Demand for Directors' and Officers' Liability Insurance

陳彩稚(Tsai-Jyh Chen) ； 龐嘉慧(Chia-Hui Pang)

《臺大管理論叢》 18卷2期 (2008/06) Pp. 171-195

https://doi.org/10.6226/NTURM2008.18.2.171

摘要

本文之目的在於探討我國「董監事暨重要職員責任保險」（D＆O保險）需求之影響因素。藉由實證資料分析，發現目前我國D＆O保險需求的最主要的購買原因是為了降低訴訟風險，其次是為了促進公司成長與留住高級主管。對於目前已投保D＆O保險之企業，其投保金額與保費支出之主要影響因素，乃是股東總數與內部董事持股數，而資本額、外部董事持股數等亦有若干影響力。而一般企業是否購買D＆O保險，其決策與該企業之業務風險以及董監事報酬有關，因為董監報酬愈高則責任相對愈大。至於目前尚未投保D＆O保險之企業，其潛在保險需求則與是否有海外投資以及內部董事持股數有關。這些結果顯示D＆O保險需求與公司治理具有密切相關性。

關鍵字

董監事暨重要職員責任保險 ； 公司治理 ； 代理問題

並列摘要

The purpose of this paper is to investigate the determinants of D&O liability insurance demand in Taiwan. Based on the empirical analysis, it is found that the primary reasons for D&O insurance are to reduce litigation risk, promote growth and maintain the executives. For those currently insured firms, the most influential factors for insurance coverage and premium expenditure are total number of shareholders and inside-directors' stock holdings, while the capitals and outside-directors' stock holdings are also relevant. For all firms in general, the decision for D&O insurance is highly related to its business risk as well as its directors' compensation because more compensation implies more liability. For those uninsured companies, the study finds that the potential demand for D&O insurance is related to overseas investment and inside-directors' stock holdings. These results show that the demand for D&O liability insurance is significantly related to the corporate governance.

並列關鍵字

directors' and officers' liability insurance D&O insurance ； corporate governance ； agency problem

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