由於近年來，諸多舞弊案件相繼爆發，因而導致政府、企業及投資人等對於公司治理愈趨重視，其中董監事及重要職員保險(Directors and Officers Liability Insurance)是我國近年逐漸重視的一項公司治理議題。過去對D&O保險之研究大多指出D&O保險需求動機與公司治理有著密切相關。因此本研究將以公司治理之觀點探討D&O保險之需求之影響及另針對已購買D&O保險之企業的投保金額可能影響之原因詳加探討。
本研究實證結果顯示，非家族企業之公司相較於家族企業之公司較有可能購買D&O保險且購買較高之D&O保險金額、無監察人內部化之企業相較於監察人內部化之企業較有可能購買D&O保險且投保較高之D&O保險金額及財務報表重編次數愈高之企業愈有可能購買D&O保險且投保較高之D&O保險金額。本研究實證結果展望能提供政府、企業、投資人及保險公司等愈加關注D&O保險議題，且提供投資人及保險公司等關於企業購買D&O保險之原因及購買D&O保險金額高低的動機。 In recent years, because of continuous outbreaks of bribery and fraud events, the government, enterprises and investors gradually place more and more emphasis on corporate governance. In Taiwan, Directors and Officers Liability Insurance is one of the corporate governance issues that have caught much attention for the past few years. In the past, researches about D&O insurance mostly point out that there exists high relevance between the motive for insurance needs and corporate governance. Hence, from the point of view of corporate governance, our study investigates the reasons to influence both D&O insurance needs and enterprises purchasing D&O insurance on insurance amounts.
Our study explores the reasons to influence D&O insurance needs and enterprises purchasing D&O insurance on insurance amounts from views of business control types, supervisors internalization and restated financial statements. We categorize business control types into family enterprises and non-family enterprises, supervisors internalization into enterprises with and without supervisors internalization. Moreover, we also examine the number of times to restate financial statements on the impacts of D&O insurance needs and insurance amounts for enterprises purchasing D&O insurance. For empirical results, we take OLS regression model and use Logistic and Tobit regression model in the sensitivity test to reach stable status.
Empirical results reveal that non-family enterprises compared with family enterprises are more likely to purchase D&O insurance and also with higher insurance amounts. Besides, enterprises without supervisors internalization and with higher times to restate financial statements are more probable to purchase insurance with higher amounts. Our results hope to arouse the attention on insurance issues for the government, enterprises, investors and insurance companies. We provide the motives of enterprises purchasing D&O insurance and insurance amounts on D&O insurance for investors and insurance companies.
